Victorian Plumbing says its full-year sales stayed in line with last year as demand in the bathrooms market declined, and that it is well stocked against any supply chain disruption.
The online bathroom retailer, based in Skelmersdale, Lancashire, says in a full-year trading update today that while second half revenues were 5% ahead of the same time last year, they were “broadly unchanged” in its full year, to September 30 2022. Compared to pre-Covid 2019 they were 78% ahead. Revenues, earnings and cash flow were all ahead of consensus market expectations, it says.
“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,” it says in today’s trading update.
Victorian Plumbing says its gross margins have improved in the second half of the year, compared to the same time last year, as it controlled prices and took a “proactive” approach to the supply chain.
The retailer has now built up inventory in order to boost availability and cut the risk of supply chain disruption. In all, it has a range of more than 24,000 products and promises to be a one-stop shop for bathrooms. It starts its year with £43m net cash.
“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,” it says in today’s statement.