Half-year profits up again at Victorian Plumbing

Skelmersdale-based Victorian Plumbing has announced that pre-tax profits for the first half of 2024 increased by 40 per cent - up to £11.5m - over the same period in 2023.

The increase in profit for the financial year ending 31 March 2024 comes against relatively stable sales levels. Total orders increased by 2 per cent from 482,000 to 494,000 resulting in a slightly reduced turnover of £144.6m.

However, lower shipping costs paired with customers increasingly preferring to buy the company's own brand products helped produce larger profit margins.

And despite a market in which customers are increasingly cautious about investing in big ticket items, the company is confident of future growth. A new 544,000 sq ft distribution centre is soon to go live, and its acquisition of Victoria Plum was recently completed. 

Mark Radcliffe, founder and chief executive officer of Victorian Plumbing, said: “I am pleased with the group’s performance in the first half, having increased profitability and consolidated our leading position as the UK’s number one bathroom retailer. At the same time, we have embarked upon a year of transformational change with significant investment in our people, technology and operations.

“Our new distribution centre, once operational, will remove space constraints, enabling us to deliver on our strategic plans in expansion categories and our trade proposition. Moreover, the recent acquisition of Victoria Plum represents another exciting strategic milestone and provides a unique opportunity to accelerate our growth."