Online plumbing retailer Plumbworld has reported a 30% growth in sales from £47.4 million to £61.5m for the year to December 2020.
Plumbworld, which claims to be the second largest online plumbing retailers, also said that operating profits (EBITDA) had risen by 171% to £3.8 million since its management buyout from The Grafton Group at the end of 2018.
The company added that the strong upward trend in sales was continuing into 2021, with Q1 sales already at almost £20m and profits topping £2.5m. It is predicting that sales will rise to £100m by 2022.
Commenting on the company’s financial performance, chief executive James Hickman said: “Home renovations have been a creative distraction for lots of us during lockdown and people are really loving their bathrooms, as a place to unwind or even as a quiet space for work calls and Zoom meetings.
“Since we’ve returned to private ownership, we’ve been able to operate a really tight ship and respond to customer and market demands quickly. We offer brilliant value for money, which is shown in our results.”
Plumbworld is based across two sites in Evesham and Barrowford, Burnley, and employs 125 people.
Hickman added: “We’re really proud of our team and have ambitious growth plans for the next few years. We now have Panoramic Growth as our private equity partner, who are a breath of fresh air compared with being part of a large plc. The management team is now trusted to run the business and the entrepreneurial spirit has returned as a result.”
Originally set up in 1999, Plumbworld was bought by The Grafton Group in 2006, but was bought back by original founder James Hickman in a management buyout in 2018.
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