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Victorian Plumbing Notes Customer Switch To Own-Brand Products

Victorian Plumbing Green Button 725 x 500

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.

Source :  Victorian Plumbing

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27 February 2024

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