Victorian Plumbing revenues hit £295m in FY24
However, on a like-for-like basis revenues decreased 1% after including the acquisition of Victoria Plum for £22.2m, completed in May 2024
Victorian Plumbing has reported a 4% revenue growth to £295.7m for the year ended 30 September 2024.
The bathroom retailer shared that its order volume increased by 10% to over one million orders for the first time and that its adjusted pre-tax profits grew 14% to £23.1m.
However, on a like-for-like basis revenues decreased 1% after including the acquisition of Victoria Plum for £22.2m, completed in May 2024. The acquisition contributed £14.7m of revenue and incurred an adjusted EBITDA loss of £2.2m during the four and a half month period to the end of the financial year. After the purchase, the group shut down Victoria Plum operations in Doncaster in August 2024.
Despite this, the retailer confirmed that profitability has improved year-on-year driven by product mix shifting towards Victorian Plumbing own brand ranges as well as by reduced shipping costs and favourable foreign exchange movement.
During the period, the group transitioned into the new 544,000 sq ft distribution centre in Leyland, Lancashire and since the end of December, it is dispatching all orders from the facility.
Current revenue in Q1 was up 3% on 2024, although trading in October and November has been impacted by a “cautious approach to marketing” as the group finalised the move to the new warehouse infrastructure. In December, trading reverted back to high single digit growth.
Looking ahead, the retailer will prioritise its expansion category growth plans and remains confident in meeting full-year market expectations.
Mark Radcliffe, founder and CEO of Victorian Plumbing, 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.
“Our new purpose-built 554,000 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.”
