Victorian Plumbing sees strong first half trading
Victorian Plumbing has hailed a period of strong trading, recording an increase in profits and revenue in the first half of the 2023 financial year.
In the six months to March 31, the online bathroom retailer’s gross profit increased by 14%, up from £58.5m in 2022 to £66.8m.
Revenue rose 10% to £146.8m, an increase on £133.9m.
The retailer’s adjusted earnings (EBITDA) reached £9.9m in the first half of the year, up from £6.7m in 2022.
Victorian Plumbing’s total order numbers increased to 482,000, reflecting a 6% increase on the first half of last year, and a 13% increase on the second half. It said it became the UK’s number one bathroom retailer in 2022.
The retailer has also signed a 20-year lease for a 544,000 sq ft purpose-built distribution centre in Lancashire, which is on track to open in the second half of the year. Victorian plumbing said the new site will support its strategic expansion.
“We remain mindful that our customers still face a series of inflation related headwinds, however, with our resilient trading and market-leading proposition we remain confident in delivering expectations for the full year”, the retailer said.