Victorian Plumbing [IRDX RVIP] has reported turnover up by more than a quarter in its latest half-year – and says the current market is one of opportunity rather than challenge.
The online bathrooms retailer, a Top250 trader in IRUK Top500 research, says turnover reached £52.8m in the six months to September 30, 28% up on the same time in the previous year. Pre-tax profits for the period came in at £2.5m.
Victorian Plumbing managing director Mark Radcliffe said: “We’re very proud to have been able to continue to grow at an astonishing rate – currently putting us about double the size of our nearest competitor.
“Despite what I have read about other competitors who may feel the market is currently challenging – we feel very strongly that the opportunity is there. We continue to invest in software, in skills and in staff – in fact, I would say our biggest challenge is recruiting at the rate we need to with the level of growth we are enjoying.
“The market is not as tough as some would have you believe in efforts to mask poor results. Despite seeing a number of competitors blaming poor market conditions, Brexit, or even on-going legal issues – we feel as ever that there is opportunity in every challenge, and some competitors have simply failed to meet those challenges in the way we have.”
In the full-year, Victorian Plumbing expects to see turnover top £106m.
Marketing manager Joe Pascoe said: “My team is delighted to see our continued investment into Victorian Plumbing paying off. We’ve focused our attention heavily on building our brand in the past 12 months and further refining our performance marketing channels. Whilst our competitors struggle to turn a profit, it’s testament to the team’s hard work that we’re posting results like these.
“We’re the clear leader in our space by any metric, and we’re looking forward to further increasing our market share and continuing to build relationships with future Victorian Plumbing customers.”
Mentioned in this piece…
- Image courtesy of Victorian Plumbing