Victorian Plumbing revenues dip to £144.6m in H1

Victorian Plumbing’s revenues dipped 1% to £144.6m in the six month period ended 31 March. 

Gross profits were up 8% to £72.3m however, with a gross profit margin increasing 4% points to 50% representing the highest gross margin since listing in 2021, underpinned by own brand sales.

The bathroom products retailer also reported an EBITDA increase of 33% to £13.2m, compared to £9.9m in H1 2023.

Total orders for the group increased 2% to 494,000 reflecting “continued market share gains in a subdued trading environment”.

On 17 May, the retailer announced the acquisition of rival retailer Victoria Plum for £22.5m on a cash free, debt free basis. 

Looking forward, the group said it will benefit from revenue growth as a result of further market share gains from the acquisition of Victoria Plum. 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: “I am pleased with the group’s performance in the first half, having increased profitability and consolidated our leading position as the UK’s number one bathroom retailer. At the same time, we have embarked upon a year of transformational change with significant investment in our people, technology and operations.

“Our new distribution centre, once operational, will remove space constraints, enabling us to deliver on our strategic plans in expansion categories and our trade proposition. Moreover, the recent acquisition of Victoria Plum represents another exciting strategic milestone and provides a unique opportunity to accelerate our growth.”

Radcliffe added: “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.”