Skelmersdale, Lancashire-based Victorian Plumbing Group has published half year results for the six months ended March 31, 2022, showing revenue was down 5% year-on-year to £133.9 million, but up 39% on a two-year basis.

The company said it expects to deliver modest year-on-year revenue growth through the second half.

Shares of Victorian Plumbing rose about 7% to around 54p — but the company’s stock has fallen almost 80% since it joined the stock market in June 2021 at £2.62 per share.

No interim dividend has been declared by Victorian Plumbing, but it said the current intention is to pay a dividend “in relation to the financial year ending 30 September 2022.”

Profit before tax fell 81% to £2.7 million.

In its outlook, Victorian Plumbing said: “Revenues in H1 2022 were in line with recent guidance and reflect the lower demand compared to the same period last year when the UK was in a lockdown environment.

“The group focused on increasing market share and invested more heavily in marketing in the early part of H1 2022 to successfully drive market share gains.

“That marketing spend has now normalised as planned.

“The group expects to deliver modest year-on-year revenue growth through the second half, as previously guided in the AGM statement on 24 February 2022.

“There are well reported ongoing inflationary cost pressures and we remain acutely aware that our customers are also managing these pressures.

“The group will therefore continue its careful approach to price rises through the second half of the financial year.”

Victorian Plumbing Founder and CEO Mark Radcliffe said: “Victorian Plumbing remains the go-to online retailer for consumers who are looking for bathroom products.

“Our market-leading proposition and our innovative and proactive approach to marketing have enabled us to continue growing our market share, even against a challenging market backdrop.

“Following a nine-month period during which the economy was opening up after Covid-19 restrictions and discretionary spending has been more focused on leisure activities, our relentless focus on investing in quality and innovation has resulted in revenue growing 39% on a two-year basis.

“I am pleased with the progress we have made with our technological developments, and I am excited about the opportunities presented by our new website.

“This new platform will enable us to further penetrate our core market and provide the best possible base for us to further expand our trade and adjacent product areas.

“We continue to be focused on our long-term goals.

“We are making good progress on all of our strategic initiatives and are confident in the future growth prospects of the group.“