Victorian Plumbing revenue rises 6% to £285m

Skelmersdale, Lancashire-based bathroom retailer Victorian Plumbing Group said its revenue rose 6% to £285.1 million and adjusted profit before tax climbed 29% to £20.3 million in the year to September 30, 2023.

Full year dividend per share rose 27% to 1.40p.

On current trading and outlook, the company said: “Albeit early in the year and against a volatile consumer backdrop, the group has had a positive start to the current year with continued revenue growth and gross profit margin progression versus the comparative period last year.

The opening of our new distribution centre in 2024 will remove space constraints, unlock growth potential and create efficiency; all of which will support the delivery of the medium-term outlook.

We continue to focus on our long-term goals and are making good progress across our strategic growth areas.

“Underpinned by our market share gains in recent years, we are confident in the future growth prospects of the group.”

Victorian Plumbing CEO Mark Radcliffe said: “We have further strengthened our position in the market and maintained our position as the number one UK bathroom retailer.

“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, technology and infrastructure.

“Our new purpose-built 544,000 square feet distribution centre, once operational, will enable further growth in the core bathroom category, as well as unlocking further strategic category expansion. 

“We are confident that Victorian Plumbing’s profitable growth strategy will continue to deliver long-term value to all stakeholders.