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

Victorian PlumbingAnnouncement

27/02/2024 07:00

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RNS Number : 5138E  Victorian Plumbing Group PLC  27 February 2024

27 February 2024

 

Victorian Plumbing Group plc

("Victorian Plumbing" or the "Group")

 

AGM Trading Update & 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 FY24, in advance of
the Annual General Meeting to be held at 9:30am this morning.

 

As reported at the FY23 Results on 22 November 2023, customers are continuing
to seek value and are purchasing proportionately more own brand products,
which has led to a 3% reduction in average order value ("AOV") year-over-year
("YOY"). In keeping with strategy, and despite an unchanged market backdrop,
the Group has continued to make market share gains, with YOY order volume up
4%, more than offsetting the reduction in AOV. As a result, we are pleased to
report year to date revenue growth of 1%.

 

The increase in own brand product sales continues to improve the Group's gross
margin and, together with stable marketing spend efficiency, enables us to
remain confident in delivering full year adjusted EBITDA in line with market
expectations.

 

As planned, we are making significant progress towards the opening of our new
distribution centre, which will address current capacity constraints, unlock
growth potential and create efficiencies. One-third of the warehouse fit-out
is now complete, with the expectation that we will be fully operational in the
second half of 2024, on schedule and within budget.

 

We continue to focus on our long-term goals, notably in gaining market share,
and we are making good progress across our strategic growth areas.

 

The Group will report Interim Results for the six months ending 31 March 2024
on 28 May 2024.

 

-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, Eleanor Purdon, Harriet Jackson, Amy Goldup   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

 Deutsche Numis (Joint Broker)                               +44 20 7260 1000

 Luke Bordewich, Oliver Steele

 

About Victorian Plumbing Group

 

Victorian Plumbing is the UK's leading bathroom retailer, offering a wide
range of over 34,000 products to B2C and trade customers. Victorian Plumbing
offers its customers a one-stop shop solution for the entire bathroom with
more than 130 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 600 staff
across ten locations in Lancashire, Manchester and Birmingham.

 

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