Victorian Plumbing sees revenue rise

Skelmersdale headquartered specialist bathroom retailer Victorian Plumbing Group has reported an increase in revenue in its last financial year as it continues on its growth journey.

In a full-year trading update the AIM-listed business said revenues were up around six per cent for the year ending September 30, compared to the previous 12 months.

The business also announced that the lease of a new distribution centre in Leyland had been legally completed this week.

It said that revenue growth had been driven by an increase in order volumes of around six per cent with “robust UK consumer demand” continuing and favourable market dynamics..

Profitability has also improved year-on-year, driven by a “product mix shift” towards Victorian Plumbing own-brand ranges as well as by reduced shipping costs and favourable foreign exchange movements.

In its statement the business said: “Adjusted EBITDA for FY23 is anticipated to be in line with market expectations.”

The new 544,000 sq ft purpose-built distribution centre in Leyland remains on time and within budget, with the expectation that it will be operational on schedule in 2024.

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.

 “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.”