Skelmersdale, Lancashire-based bathroom retailer Victorian Plumbing Group said on Tuesday first-half revenue dipped slightly but operating profit jumped 27% as it sold more of its own-brand products. 

Revenue for the half-year ended 31 March fell 1% to £144.6 million, while operating profit rose sharply to £7 million. Its shares edged higher to 98.21p on the London Stock Exchange. 

Victorian said its total orders increased slightly as it continued to expand market share in what it called a “subdued trading environment.” It said customers were continuing to purchase proportionately more of its own brand products and it grew its trade business, while it also saw growth in tiles, lighting and decor. 

The company acquired rival online bathroom retailer Victoria Plum in May, which it said would boost future growth. 

“Looking forward, the Group will benefit from revenue growth as a result of further market share gains from the acquisition of Victoria Plum, albeit tempered by a continuation of recent trading trends in the market,” the company said in a statement. “While the ongoing Victoria Plum cost reduction programme is finalised, losses from the business will have a marginal impact on Group profitability in H2 2024, therefore adjusted EBITDA in FY 2024 is expected to be broadly in line with current consensus.”

Mark Radcliffe, Founder and Chief Executive Officer of Victorian Plumbing, said: “This robust first half performance, our unchanged momentum into the rest of the year and the exciting developments scheduled for H2 2024, gives the Board confidence in our profitable growth strategy as we continue to deliver long-term value for all stakeholders.”