Skelmersdale, Lancashire-based bathroom retailer Victorian Plumbing Group, said its revenue increased 6% in the year ended September 30, 2023.
In a trading update, Victorian Plumbing said: “Revenue growth has been driven by increased order volumes (c.6% up on FY22) and average order value has remained in line with the prior year, with a continuation of the positive trends experienced in H1, including favourable market dynamics and robust UK consumer demand.
“Profitability has 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.
“Adjusted EBITDA for FY23 is anticipated to be in line with market expectations.”
Victorian Plumbing said the lease on its new 544,000 square feet purpose-built distribution centre in Leyland, Lancashire, legally completed on October 4, 2023.
The warehouse development remains on time and within budget, with the expectation that the new distribution centre will be operational on schedule in 2024.
Victorian Plumbing CEO Mark Radcliffe 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 enablefurther 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.“