Victorian Plumbing unveils double-digit growth in first half of 2023

Revenue at online bathroom giant Victorian Plumbing has jumped by 10% year-on-year for the first half of 2023.

The company says that “trading momentum, market share gains, strong cash generation and a robust balance sheet” are to thank for the continuing growth.

For the six months up to March 31, revenue hit £146.8m with a gross profit of £66.8m – itself a 14% rise on the same period in 2022.

These numbers triggered the company’s first interim shared dividend.

Total orders for the first half of the year bit 482,000, a 6% increase on last year and a 13% increase on the second half of 2022. This reflects the company says, market share gains.

Average order value was up 3% in the first half up to £305.

The company has also signed a 20-year lease on a new 544,000 sqft purpose-built UK distribution centre in Lancashire, close to its existing facilities. It will open in the second half of 2024.

There was also a focus on trade revenue, which grew by 20% to £29.6m and now represents 20% of the company’s total. A new trade app is being tested now and will be rolled out later in the year.

Likewise, ‘adjacent categories’ tiles and lighting has also shown significant growth of 54% to £3.7m.

Mark Radcliffe, founder and CEO of Victorian Plumbing
Mark Radcliffe, founder and CEO of Victorian Plumbing

Founder and CEO Mark Radcliffe said: “Momentum from our strong delivery in the latter part of 2022 has built into the first half of this financial year. We have further increased our market share, building on our position as the UK’s No. 1 bathroom retailer, through our strategy and unique business model, which have remained constant since IPO.

“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. We continue to offer good product availability, underpinned by careful inventory management.

“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.”

In an exclusive interview with kbbreview in March, Radcliffe told showroom retailers that they must embrace online if they’re to survive.

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