Victorian Plumbing Group plc, a UK bathroom retailer, has provided an update on trading for the year ended 30 September 2024. The Group has reported that revenue for FY24 increased by approximately 4% on the prior year.
The trends experienced in the first half have continued through the balance of FY24. Robust customer demand, together with the acquisition, have driven further market share gains and strong order volume growth of 10% versus FY23.
Customers are responding well to the Group's own brand proposition and have continued to trade away from third-party brands into the Group's own brand range, resulting in an average order value reduction of approximately 5%
Photo: Victorian Plumbing plc.
Cessation of Victoria Plum operations
Victoria Plum was acquired on 17 May 2024; it contributed approximately £15 million of revenue and incurred an adjusted EBITDA loss of approximately £2 million in the period since acquisition. The Group has recently finalized a consultation process with Victoria Plum's workforce and has decided to close the business and its operations in Doncaster, which is expected to be completed by 31 December 2024.
New distribution centre
The Group has confirmed that its new 544,000 square feet semi-automated distribution centre in Leyland, Lancashire, is now operational, with more than half of all daily orders being dispatched from the new site. Management expects all orders to be dispatched from the new distribution centre by the end of the calendar year.
Mark Radcliffe, CEO of Victorian Plumbing, comments: 'I am pleased with the Group's performance in FY24, which has been a very busy year for Victorian Plumbing. We have increased profitability as our higher-margin own brand proposition continues to resonate with customers and consolidated our leading position as the UK's number one bathroom retailer. At the same time, we have delivered a year of transformational change with significant investment in our people, technology, and operations.'
More information:
Victorian Plumbing Group plc
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www.victorianplumbingplc.com