Victorian Plumbing sees improve in first half revenue
- Revenue fell 1% year-to-year to £144.6m in six months to 31 March
- Lancashire-based firm also saw 8% increase in gross profit to £72.3m
Victorian Plumbing saw a slight dip in revenues over the interim period despite an increase in profits in what it described as a ‘robust first half performance’.
Britain’s leading bathroom retailer told investors on Tuesday that revenue fell 1 per cent year-to-year to £144.6million in the six months to 31 March.
However the Lancashire-based firm added that it saw an 8 per cent increase in gross profit to £72.3million over the same period.
Britain’s leading bathroom retailer told investors on Tuesday that revenue fell 1 per cent year-to-year to £144.6million in the six months to 31 March
In a statement, the group said its gross margins improved due to ‘lower shipping costs and a shift to own brand products’.
It also added that total orders increased by 2 per cent to 494,000, which reflected continued market share gains in a ‘subdued trading environment’.
Mark Radcliffe, founder and chief executive officer of Victorian Plumbing, said: ‘This robust first half performance, our unchanged momentum into the rest of the year and the exciting developments scheduled for H2 2024, gives the board confidence in our profitable growth strategy as we continue to deliver long-term value for all stakeholders.’
Earlier this month, Victorian Plumbing revealed the acquisition of rival Victoria Plum in a deal worth £22.5million.
The move came less than seven months after Doncaster-based Victoria Plum fell into administration.
It also revealed that ‘a cost reduction programme is in progress’ at Victoria Plum, which will include job cuts.
Victorian Plumbing employs 600 staff across nine sites in Lancashire, Manchester and Birmingham.
Victorian Plumbing shares were up 0.41 per cent to 98p in Tuesday afternoon trading.
