Victorian Plumbing H1 revenue up 10% to £147m

Skelmersdale, Lancashire-based bathroom retailer Victorian Plumbing Group, said its revenue rose 10% to £146.8 million in the six months ended March 31, 2023, and profit before tax soared 107% to £5.6 million.

The company is paying its first interim dividend, set at 0.45p per share — a total cash distribution to shareholders of £1.5 million.

Total orders for the six months rose 6% to 482,000, with average order value up 3% to £305.

On current trading and outlook, Victorian Plumbing said: “Consumer demand in April and the early part of May remained robust, with order volume led growth and continued increase in our market share.

“Gross margin continues to improve as the tailwinds from shipping and foreign exchange movements begin to cycle through.

“We remain mindful that our customers still face a series of inflation related headwinds, however, with our resilient trading and market-leading proposition we remain confident in delivering expectations for the full year.”

Victorian Plumbing CEO  Mark Radcliffe said: “Momentum from our strong delivery in the latter part of FY22 has built into the first half of this financial year.

“We have further increased our market share, building on our position as the UK’s No. 1 bathroom retailer, through our strategy and unique business model, which have remained constant since IPO.

“We are proud of our investment in a wide range of products, knowing customer choice is ever more important when considered against cost-of-living pressures.

“We continue to offer good product availability, underpinned by careful inventory management.

“Our new UK distribution centre will represent another key milestone and, together with on-going investment in technology, this will enable further growth in the core bathroom category as well as strategic expansion in adjacent categories.

“Victorian Plumbing’s robust business momentum, high cash generation and strong balance sheet supports the announcement of our first interim dividend.”