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Profitability Improves At Victorian Plumbing

Victorian Plumbing glass door customer service

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."

Source : Victorian Plumbing PLC

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05 October 2023

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