Victorian Plumbing revenue up 29% but shares fall

Shares of Skelmersdale, Lancashire-based Victorian Plumbing Group plc, the online retailer of bathroom products and accessories that went public in June, fell about 14% on Thursday after it published an update on trading for the year ended September 30, 2021.

“The board is pleased to report that the financial year finished positively with revenue growth of c.29% for FY21,” said the company.

“This reflects strong trading in the first three quarters of the year, more subdued market conditions as lockdown restrictions were eased, before customer demand improved in September.  

Whilst revenue growth moderated over the summer, gross margins remained strong throughout and adjusted EBITDA for FY21 is anticipated to be ahead of market expectations.

Given the widely publicised global supply chain issues that have been affecting many companies, the group has been proactive in optimising its stock holding going into the new financial year.

The group continues to progress all of the operational and strategic opportunities outlined at the time of the IPO.

“Management will provide a further update in the group’s maiden preliminary results, which will be announced on 9th December 2021.”