REG - Vic Plumbing - Full Year Trading Update and Notice of Results

Victorian PlumbingAnnouncement

06/10/2022 07:01

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20221006:nRSF9409Ba&default-theme=true

RNS Number : 9409B  Victorian Plumbing Group plc  06 October 2022

6 October 2022

 

Victorian Plumbing Group plc

("Victorian Plumbing")

 

Full Year Trading Update and Notice of Results

 

Trading ahead of market expectations

 

Victorian Plumbing Group plc (AIM: VIC), the UK's leading online specialist
bathroom retailer, today provides an update on trading for the year ended 30
September 2022 ("FY22"). The financial year finished positively with revenue,
earnings, and cash flow all ahead of consensus market expectations.

 

H2 revenue was up c.5% on last year, with a particularly strong Q4 performance
with revenue for the full year broadly unchanged from FY21, an increase of
c.78% when compared to FY19, pre-COVID.

 

Against a wider bathroom market that is down year on year, this establishes
Victorian Plumbing's position as the No. 1 bathroom retailer in the UK.

 

At the same time, through a combination of carefully controlling prices and
ongoing proactive management of the supply chain, gross margins have improved
in H2 vs. H1 FY22.

 

Victorian Plumbing continues to be highly cash generative and we will start
the new financial year with in excess of £43m of net cash. We have maintained
a strong inventory position in order to maximise availability and minimise the
risks from supply chain disruption.

 

Whilst 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.

 

Notice of Results

Victorian Plumbing will announce preliminary results for the year ended 30
September 2022 on 6 December 2022.

 

-ENDS-

 

For further information, please contact:

 

 Victorian Plumbing Group plc                   via FTI Consulting

 Mark Radcliffe, Chief Executive Officer        +44 20 3727 1000

 Paul Meehan, Chief Financial Officer

 FTI Consulting (Financial PR)                  +44 20 3727 1000

 Alex Beagley, Eleanor Purdon, Sam Macpherson   VictorianPlumbing@fticonsulting.com

 Houlihan Lokey UK Ltd (Nominated Adviser)      +44 20 7484 4040

 Sam Fuller, Tim Richardson

 Barclays Bank PLC (Joint Broker)               +44 20 7623 2323

 Nicola Tennent, Stuart Muress

 Numis Securities Limited (Joint Broker)        +44 20 7260 1000

 Luke Bordewich, Tom Jacob, Oliver Steele

 

About Victorian Plumbing Group

 

Victorian Plumbing is the UK's leading online specialist bathroom retailer,
offering a wide range of over 24,000 products to B2C and trade customers.
Victorian Plumbing offers its customers a one-stop shop solution for the
entire bathroom with more than 125 own and third-party brands across a wide
spectrum of price points.

 

The Group's product design and supply chain strengths are complemented by its
creative and brand-focused marketing strategy, which predominantly focuses on
online channels to drive significant and growing traffic to its website.

 

Headquartered in Skelmersdale, Lancashire, the Group employs over 500 staff
across seven locations in Skelmersdale, Manchester and Birmingham.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTEAKESEANAFFA