Victorian Plumbing Group plc AGM Trading update (6311C)
24 Febrero 2022 - 1:00AM
UK Regulatory
TIDMVIC
RNS Number : 6311C
Victorian Plumbing Group plc
24 February 2022
24 February 2022
Victorian Plumbing Group plc
("Victorian Plumbing" or the "Group")
AGM Trading update
Victorian Plumbing Group plc (AIM: VIC), the UK's leading online
retailer of bathroom products and accessories, today provides an
update on current trading.
Victorian Plumbing has continued to trade in line with the
dynamic set out in the announcement of our full year results and
trading update on 9 December 2021. Our relative trading performance
has been encouraging against a backdrop of lower customer demand.
Revenue for the four months ended 31 January 2022 was down 3%
year-on-year, but up 38% on the same period two years ago, whilst
marketing spend has now started to normalise.
As we look to the second half of the financial year, we note
that the comparative period performance for revenue eases and so we
expect to return to having modest year-on-year growth through H2
2022. There are however ongoing inflationary cost pressures that we
face. We are acutely aware that our customers are also managing
inflationary pressures and will adopt a careful approach to price
rises, which means we are choosing to temporarily absorb some
additional costs. We therefore expect both gross profit margin and
adjusted EBITDA margin to be slightly lower than previously
anticipated.
We remain confident in our ability to continue to take market
share and in our long term growth plans.
-ENDS-
For further information, please contact:
Victorian Plumbing Group plc via FTI Consulting
Mark Radcliffe, Chief Executive Officer +44 20 3727 1000
Paul Meehan, Chief Financial Officer
FTI Consulting (Financial PR) +44 20 3727 1000
Alex Beagley, Eleanor Purdon, Sam Macpherson VictorianPlumbing@fticonsulting.com
Houlihan Lokey UK Ltd (Nominated Adviser)
Sam Fuller, Tim Richardson, Paul Lines +44 20 7484 4040
Barclays Bank PLC (Joint Broker)
Nicola Tennent, Stuart Muress +44 20 7623 2323
Numis Securities Limited (Joint Broker)
Luke Bordewich, Tom Jacob, Oliver Steele +44 20 7260 1000
About Victorian Plumbing Group
Victorian Plumbing is the UK's leading online retailer of
bathroom products and accessories, offering a wide range of over
24,000 products to B2C and trade customers. Victorian Plumbing
offers its customers a one-stop shop solution for the entire
bathroom with more than 125 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 focus on online channels to drive significant
and growing traffic to its website.
Headquartered in Skelmersdale, Lancashire, the Group employs
over 500 staff across seven locations in Skelmersdale, Manchester
and Birmingham.
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END
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