Victorian Plumbing sales soar by 30%

Online bathroom retailer Victorian Plumbing has reported revenues up 29% for the year to September 30.

In its trading update statement, Victorian Plumbing Group plc said: “The financial year ended positively with revenue growth of around 29%. This reflects strong trading in the first three quarters of the year, more subdued market conditions as lockdown restrictions were eased, before customer demand improved in September.”

The Lancashire-based company said it anticipates its adjusted profits (EBITDA) to be ahead of market expectations.

In the six months to the end of March 2021, Victorian Plumbing reported revenue of £140.7 million and adjusted profits (EBITDA) of £20.1m.

In Victorian Plumbing Ltd’s published accounts, revenue for 2020 was quoted as £209.9m, up from £151.8m in 2019, with pre-tax profits of £25.9m against 2019’s £10.1m.

In its statement, the group said it had been proactive in optimising its stockholding in the face of the supply chain issues that have plagued the supply chain.

These will be the group’s first results since it floated on the London Stock Exchange’s Alternative Investment Market (AIM) sub-market on August 2, with the issue of 635,504 new ordinary shares, with the total number of ordinary shares following admission being 325,062,985 at £0.001 each. The share price started at 330p and stands today at 186p.

Speaking at the time, founder and chief executive Mark Radcliffe said: “I’m incredibly proud of all of our employees who have built this unique business and, in the process, have developed an incredibly strong, exciting and trusted brand together with a hard-working and innovative culture.

“As we are now the leading online retailer of bathroom products in the UK, it seems the ideal time to join the UK stock market. With the deep sector expertise and talent of our senior team members and the fundamental strengths of our proven business model within a growing market, we are excited for the significant growth opportunities that lie ahead for Victorian Plumbing.”

The group’s full annual results are due to be published on December 9.

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