Victorian Plumbing Group plc Full Year Trading Update and Notice of Results (9409B)
06 Octubre 2022 - 1:00AM
UK Regulatory
TIDMVIC
RNS Number : 9409B
Victorian Plumbing Group plc
06 October 2022
6 October 2022
Victorian Plumbing Group plc
("Victorian Plumbing")
Full Year Trading Update and Notice of Results
Trading ahead of market expectations
Victorian Plumbing Group plc (AIM: VIC), the UK's leading online
specialist bathroom retailer, today provides an update on trading
for the year ended 30 September 2022 ("FY22"). The financial year
finished positively with revenue, earnings, and cash flow all ahead
of consensus market expectations.
H2 revenue was up c.5% on last year, with a particularly strong
Q4 performance with revenue for the full year broadly unchanged
from FY21, an increase of c.78% when compared to FY19,
pre-COVID.
Against a wider bathroom market that is down year on year, this
establishes Victorian Plumbing's position as the No. 1 bathroom
retailer in the UK.
At the same time, through a combination of carefully controlling
prices and ongoing proactive management of the supply chain, gross
margins have improved in H2 vs. H1 FY22.
Victorian Plumbing continues to be highly cash generative and we
will start the new financial year with in excess of GBP43m of net
cash. We have maintained a strong inventory position in order to
maximise availability and minimise the risks from supply chain
disruption.
Whilst the operating and economic environment is challenging, as
a highly cash generative business with a strong balance sheet and
growing momentum through 2022 we enter the new financial year with
confidence in our plans for further progress.
Notice of Results
Victorian Plumbing will announce preliminary results for the
year ended 30 September 2022 on 6 December 2022.
-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 +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 specialist
bathroom retailer, 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 focuses 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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October 06, 2022 02:00 ET (06:00 GMT)
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