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Victorian Plumbing has revealed its performance recovered in the second half of the year with revenues up 6% meaning its FY revenues came in ahead of expectations broadly flat at £269.4m (2021: £268.8m).
For the 52-week period ended 30 September 2022, the bathroom retailer said its average order value was up 3% to £306 (2021: £297), against a “tough market backdrop” that saw total orders reduce by 3% to 880,000 (2021: 906,000) with an increase of +2% in H2.
Trade revenue grew 25% to £52.8m (2021: £42.1m), representing 20% of total revenue (2021: 16%).
Gross profit margin increased in H2 to 45% (H1: 44%) with gross profit for the year of £121.0 million (2021: £130.5m) and a gross profit margin of 45% (2021: 49%).
However, its operating profit decreased 40% to £12.1m compared with £20m the previous year.
Looking ahead, the group has had a strong start to FY23 with 10% revenue growth to date, whilst maintaining H2 gross profit margin and with lower marketing spend versus the comparative period last year.
Mark Radcliffe, founder and CEO, said: “Following a tough first half of the financial year, we have returned to growth in the second half, increasing our market share and establishing our position as the UK’s No.1 bathroom retailer.
“Our distinctive brand and extensive choice of quality bathroom products – including quality own-brand ranges and an unrivalled suite of third-party options – remain compelling drivers in attracting consumers to Victorian Plumbing, whilst the strength of our supply chain and our strategic investment in inventory means that the majority of our products have high availability.”
He added: “As a highly cash generative business with a strong balance sheet and growing momentum through 2022 and into 2023, we see the macro operating and economic environment as an opportunity to further strengthen our market position and we enter the new financial year as the UK’s No. 1 bathroom retailer with confidence and real excitement in our plans for further progress.”
