Victoria Plumbing revenues rise 6% in FY23

Victoria Plumbing revenues have increased by 6% in the year ended 30 September, largely due to an increase in order volumes. 

The group noted that average order values have also remained in line with the previous year, with a continuation of the positive trends experienced in H1, including favourable market dynamics and robust UK consumer demand.

Meanwhile, profitability has improved year-on-year, driven by a product mix shift towards Victorian Plumbing own-brand ranges, as well as by reduced shipping costs and favourable foreign exchange movements.

As a result, Victoria Plumbing’s adjusted EBITDA for FY23 is anticipated to be in line with market expectations.

Yesterday (4 October), the company also leased its new 544,000 sq ft purpose-built distribution centre in Leyland, Lancashire. 

The warehouse development remains on time and within budget, with the expectation that the new distribution centre will be operational on schedule in 2024.

Mark Radcliffe, CEO of Victorian Plumbing, said: “This has been a year of continued delivery of our growth plans. Our clearly defined strategy and unique business model have resulted in increased order volumes and resilient average order values, with customers continuing to appreciate the choice of great value products that we offer across our ranges.

“As a highly cash generative business with a strong balance sheet, we continue to invest in the business – across people, infrastructure, technology, and our new UK distribution centre, the successful delivery of which will enable further growth in the core bathroom category as well as strategic category expansion.” 

He added: “We are confident that Victorian Plumbing’s profitable growth strategy will continue to deliver long-term value to all stakeholders.”