Revenues and profits up at Victorian Plumbing

Skelmersdale-based kitchens and bathrooms retailer Victorian Plumbing has recorded a 6 per cent increase in revenues and an 29 per cent increase in pre-tax profits.

For the year ended 30 September 2023, turnover was £285.1m, up from £269.4m the year before. Gross profit was £134.6m, up from £121.0m.

Adjusted profit tax rose to £20.3m, a 29 per cent increase over £15.7m the year prior.

 The growth was supported by a six per cent increase in order volume, and an increasing focus on trade customers, who now account for 21 per cent of total sales.

Looking ahead, the company is hoping for further growth fuelled by its app, which launched in October this year. 

Its new 544,000 sq ft logistics hub in Leyland is on schedule to go live in 2024.

Mark Radcliffe, founder and chief executive officer of Victorian Plumbing, said: "We have further strengthened our position in the market and maintained our position as the number one UK bathroom retailer.

"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. 

"As a highly cash generative business with a strong balance sheet, we continue to invest in the business - across people, technology and infrastructure. Our new purpose-built 544,000 square feet distribution centre, once operational, will enable further growth in the core bathroom category, as well as unlocking further strategic category expansion. We are confident that Victorian Plumbing's profitable growth strategy will continue to deliver long-term value to all stakeholders."