REG - Victorian Plumbing - Full Year Trading Update

Victorian PlumbingAnnouncement

05/10/2023 07:00

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RNS Number : 7397O  Victorian Plumbing Group PLC  05 October 2023

5 October 2023

 

Victorian Plumbing Group plc

("Victorian Plumbing")

 

Full Year Trading Update

 

Victorian Plumbing Group plc (AIM: VIC), the UK's leading specialist bathroom
retailer, today provides an update on trading for the year ended 30 September
2023 ("FY23").

 

Full Year Trading Update

 

Victorian Plumbing is pleased to report that revenue for FY23 increased by
c.6% on the prior year. Revenue growth has been driven by increased order
volumes (c.6% up on FY22) and average order value has remained in line with
the prior year, with a continuation of the positive trends experienced in H1,
including favourable market dynamics and robust UK consumer demand.

 

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.

 

Adjusted EBITDA for FY23 is anticipated to be in line with market
expectations.

 

New Distribution Centre

 

Victorian Plumbing is also pleased to report that the lease on its new 544,000
square feet purpose-built distribution centre in Leyland, Lancashire, legally
completed on 4 October 2023. 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, commented: "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. We are confident that Victorian Plumbing's profitable growth
strategy will continue to deliver long-term value to all stakeholders."

 

 

-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

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

 Luke Bordewich, Oliver Steele

 

About Victorian Plumbing Group

 

Victorian Plumbing is the UK's leading online specialist bathroom retailer,
offering a wide range of over 32,000 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 seven locations in Skelmersdale, Manchester and Birmingham.

 

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