Victorian Plumbing returns to growth
Victorian Plumbing Group returned to growth in the second half of its financial year with revenue up 6%.
This meant that revenue in the year to 30 September was flat year-on-year at £269.4 million following a difficult first half.
Meanwhile adjusted EBITDA fell by 51% in the year to £19.5 million.
Mark Radcliffe, founder and chief executive of Victorian Plumbing Group, said: “Following a tough first half of the financial year, we have returned to growth in the second half, increasing our market share and establishing our position as the UK’s No.1 bathroom retailer.
“Our distinctive brand and extensive choice of quality bathroom products – including quality own-brand ranges and an unrivalled suite of third-party options – remain compelling drivers in attracting consumers to Victorian Plumbing, whilst the strength of our supply chain and our strategic investment in inventory means that the majority of our products have high availability.”
Giving an update on more recent trading, Victorian Plumbing said it has made a strong start to its new financial year with revenue up 10% to date despite marketing spend being lower than at the same time last year.
Radcliffe added: “As a highly cash generative business with a strong balance sheet and growing momentum through 2022 and into 2023, we see the macro-operating and economic environment as an opportunity to further strengthen our market position and we enter the new financial year as the UK’s No. 1 bathroom retailer with confidence and real excitement in our plans for further progress.”
