Leyland, Lancashire-based bathroom retailer Victorian Plumbing Group plc said its revenue grew 4% to £295.7 million in the year ended September 30, 2024, and adjusted profit before tax rose 14% to £23.1 million.
On a like-for-like (LFL) basis, excluding the impact of the acquisition of AHK Designs Limited in May 2024, revenue decreased 1%.
Full year dividend per share rose 15% to 1.61p.
On current trading and outlook, Victorian Plumbing Group said: “Overall Q1 revenue was up 3% on 2024, against a tough comparator …
“Trading in October and November was soft, impacted by… A cautious approach to marketing as we sought to bed in our new warehouse infrastructure without disrupting the customer experience; and … Ongoing UK consumer uncertainty … As the transition to our new warehouse infrastructure neared completion, we reverted to our usual marketing approach and, pleasingly, we recorded high single digit growth in December.”
Victorian Plumbing Group Founder and Chief Executive Officer Mark Radcliffe said: “We have successfully delivered on two strategic priorities, firstly completing our warehouse transformation on time and in line with budget and, secondly, to accelerate growth through the acquisition of our namesake Victoria Plum, which reduces considerable brand marketing confusion for our customers.
“2024 has been a year of transformation against a subdued trading backdrop and continued uncertainty in UK consumer behaviour.
“Despite this, 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, now fully operational, will enable further growth in the core bathroom category, as well as unlocking strategic category expansion.
“We are confident that Victorian Plumbing’s profitable growth strategy will continue to deliver long-term value to all stakeholders.“