Victoria Plumbing revenues up 10% in H1
According to the retailer, consumer demand in April and the earlier part of May remained robust, with order volume leading growth and increasing its market share
Victoria Plumbing has revealed that half-year revenues increased 10% year-on-year to £146.8m for the six months ended 31 March, compared with £133.9m in the same period last year.
In addition, the bathroom retailer has improved its gross profit for the period, increasing 14% year-on-year to £66.8m, with the gross profit margin increasing to 46% compared with 44% in the same period last year.
According to the retailer, consumer demand in April and the earlier part of May remained robust, with order volume leading growth and increasing its market share, while the group’s gross margins continued to improve as the tailwinds from shipping and foreign exchange movements began to cycle through.
As a result, adjusted EBITDA increased by 48% year-on-year to £9.9m compared with £6.7m in the first half of 2022.
Mark Radcliffe, founder and CEO of Victorian Plumbing, said: “Momentum from our strong delivery in the latter part of FY22 has built into the first half of this financial year. We are proud of our investment in a wide range of products, knowing customer choice is ever more important when considered against cost-of-living pressures.
“Our new UK distribution centre will represent another key milestone and, together with on-going investment in technology, this will enable further growth in the core bathroom category as well as strategic expansion in adjacent categories.”
He added: “Victorian Plumbing’s robust business momentum, high cash generation and strong balance sheet supports the announcement of our first interim dividend.”
