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RNS Number : 6311C Victorian Plumbing Group plc 24 February 2022
24 February 2022
Victorian Plumbing Group plc
("Victorian Plumbing" or the "Group")
AGM Trading update
Victorian Plumbing Group plc (AIM: VIC), the UK's leading online retailer of
bathroom products and accessories, today provides an update on current
trading.
Victorian Plumbing has continued to trade in line with the dynamic set out in
the announcement of our full year results and trading update on 9 December
2021. Our relative trading performance has been encouraging against a backdrop
of lower customer demand. Revenue for the four months ended 31 January 2022
was down 3% year-on-year, but up 38% on the same period two years ago, whilst
marketing spend has now started to normalise.
As we look to the second half of the financial year, we note that the
comparative period performance for revenue eases and so we expect to return to
having modest year-on-year growth through H2 2022. There are however ongoing
inflationary cost pressures that we face. We are acutely aware that our
customers are also managing inflationary pressures and will adopt a careful
approach to price rises, which means we are choosing to temporarily absorb
some additional costs. We therefore expect both gross profit margin and
adjusted EBITDA margin to be slightly lower than previously anticipated.
We remain confident in our ability to continue to take market share and in our
long term growth plans.
-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, Paul Lines
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 retailer of bathroom products
and accessories, 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 focus 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.
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