In its latest trading update for 2022, online bathroom retailer Victorian Plumbing has announced that its revenue, earnings, and cash flow are all ahead of “consensus market expectations”.
The report revealed that revenue for the second half of the 2022 financial year – ending September 30 – grew by around 5% on last year thanks to what it described as “a particularly strong Q4 performance”. According to the results, revenue for the full year remains “broadly” unchanged from last year – an increase of around 78% when compared with pre-Covid results in 2019.
This, it said is against a wider bathroom market that is “down year-on-year” and, it claims, establishes Victorian Plumbing’s position as the number-one bathroom retailer in the UK.
Gross margins improved in the second half of 2022 as well, which the company attributed to a combination of carefully controlling prices and ongoing proactive management of the supply chain.
“Victorian Plumbing continues to be highly cash generative and we will start the new financial year with, in excess of £43m of net cash,” said the trading statement. “We have maintained a strong inventory position in order to maximise availability and minimise the risks from supply chain disruption.
“While the operating and economic environment is challenging, as a highly cash generative business with a strong balance sheet and growing momentum through 2022 we enter the new financial year with confidence in our plans for further progress.”
The Skelmersdale-based company will announce preliminary results for the 2022 financial year on December 6. Last year, revenue was £268.8 million (up 29% over 2020) and pre-tax profits were up by 53% to £40.1m.