Victorian Plumbing’s growth boosted by shift to own-brand range
Victorian Plumbing has seen an improvement in both sales and profit in the year to 30 September.
In a full-year trading update, the specialist bathroom retailer said that revenue had risen by around 6%, driven by increased order volumes, although average order value remained in line with the prior year.
It also delivered an improvement in profitability following a product mix shift towards Victorian Plumbing own-brand ranges. In addition, the retailer benefited from reduced shipping costs and favourable foreign exchange movements.
Victorian Plumbing anticipates that its full year adjusted EBITDA will be in line with market expectations.
Mark Radcliffe, chief executive of Victorian Plumbing, said: “This has been a year of continued delivery of our growth plans. Our clearly defined strategy and unique business model have resulted in increased order volumes and resilient average order values, with customers continuing to appreciate the choice of great value products that we offer across our ranges.”
The retailer has also announced that the lease on its new 544,000-square-foot distribution centre in Lancashire was legally completed on 4 October. It expects the new facility to be fully operational in 2024.
Radcliffe added: “As a highly cash generative business with a strong balance sheet, we continue to invest in the business – across people, infrastructure, technology, and our new UK distribution centre, the successful delivery of which will enable further growth in the core bathroom category as well as strategic category expansion. We are confident that Victorian Plumbing’s profitable growth strategy will continue to deliver long-term value to all stakeholders.”
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