REG - Victorian Plumbing - AGM Trading Update and Notice of Results

Victorian PlumbingAnnouncement

25/02/2025 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250225:nRSY2800Ya&default-theme=true

RNS Number : 2800Y  Victorian Plumbing Group PLC  25 February 2025

25 February 2025

 

Victorian Plumbing Group plc

("Victorian Plumbing" or the "Group")

 

AGM Trading Update and Notice of Results

 

Victorian Plumbing (AIM: VIC), the UK's leading bathroom retailer, today
provides an update on trading for the first 21 weeks of FY25 ("the Period"),
in advance of the Annual General Meeting to be held at 9:30am this morning.

 

The successful transition to our new semi-automated distribution centre,
completed in December 2024, has enabled the Group to make further progress in
our strategic growth areas:

 

-    During January 2025, next day delivery service cut-off timing moved
from midday to 3pm, an improved service which benefits our trade customers in
particular;

 

-     On 22 January 2025, the Group launched a free tile sample offering,
which enables all customers to select up to three sample tiles via express
checkout to be delivered free of charge; and

 

-    On 17 February 2025, the Group launched a third party digital trade
credit offering that is available to qualifying trade customers.

 

Early indications suggest that this improved offering has been well received
by our customers. Since the Group's last trading statement, in relation to Q1
of FY25, we have seen the rate of revenue growth improve for January 2025 -
and it is anticipated to have increased further again in February 2025.
Overall, revenue for the Period is anticipated to be up 5% year-on-year,
demonstrating the early success of our strategic growth initiatives and the
enhanced capabilities that our new distribution centre brings.

 

Gross profit margin improvement continues in line with the previous financial
year as sales of our own brand range continues to grow as a proportion of the
overall Group.

 

Our three growth horizons continue to build momentum and we are pleased that
Tiles and Décor is expected to grow by 30% in the Period. We will continue to
prioritise expansion category and trade growth alongside our efficient
marketing strategy in core bathroom.

 

The closure of Victoria Plum is now complete, and all stock has been
transferred. The Group exited the lease in Doncaster on 31 January 2025.

 

Despite continuing UK consumer uncertainty, as reported at our Full Year
Results on 15 January 2025, the Board continues to remain confident in
delivering profit in line with full year market expectations.

 

The Group will report its Interim Results for the six months ending 31 March
2025 on 14 May 2025.

 

-ENDS-

 

For further information, please contact:

 

 Victorian Plumbing Group plc                           via FTI Consulting

 Mark Radcliffe, Chief Executive Officer                +44 20 3727 1000

 Daniel Barton, Chief Financial Officer

 FTI Consulting (Financial PR)                          +44 20 3727 1000

 Alex Beagley, Harriet Jackson, Amy Goldup, Lia Bevan   VictorianPlumbing@fticonsulting.com

 Houlihan Lokey UK Ltd (Nominated Adviser)              +44 20 7839 3355

 Sam Fuller, Tim Richardson

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

 Nicola Tennent, Stuart Muress

 Canaccord Genuity Limited (Joint Broker)               +44 20 7597 5970

 Bobbie Hilliam, Elizabeth Halley-Scott

 

About Victorian Plumbing Group

Victorian Plumbing is the UK's leading bathroom retailer, offering an
unrivalled high-quality product range and excellent stock availability to B2C
and trade customers.

Victorian Plumbing offers its customers a one-stop shop solution for the
entire bathroom with own and third party brands across a wide spectrum of
price points. Victorian Plumbing product design and supply chain strengths are
complemented by its creative and brand-focused marketing strategy to drive
significant and growing traffic to its platforms.

Headquartered in the North West, Victorian Plumbing employs staff across
several locations in the UK.

 

 

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  TSTEAEALAAESEAA