Victorian Plumbing upbeat after 'year of transition'

An online bathrooms firm has hailed its resilience amid a “year of transformation” after increasing annual sales.

Victorian Plumbing Group says it negotiated a “subdued” trading landscape and significant expansion outlays to chalk up revenue and profit rises.

The Skelmersdale-headquartered company saw revenue lift four per cent to £295.7 million in the year to September 30 2024, with gross profit ten per cent better off at £147.8 million.

Bosses say its progress was fuelled by a “unique business model” that lifted order volume by ten per cent to more than one million for the first time in a market dogged by “continued consumer uncertainty”.

However, operating profit fell from £15.3 million to £11.2 million as the effects of a £22.2 million takeover of rival Victoria Plum and a move into a new 544,000sq ft warehouse in Leyland, near Preston, bit into finances.

According to a trading update revealed on Wednesday, January 15, trade revenue grew 13 per cent to £67.3 million, with tile and décor revenue increasing 23 per cent to £12.4 million. 

Mark Radcliffe, founder and chief executive of the company, whose name adorns the shirts of Bolton Wanderers Football Club, said: “We have successfully delivered on two strategic priorities – completing our warehouse transformation and to accelerate growth through the acquisition of Victoria Plum.

“2024 has been a year of transformation against a subdued trading backdrop and continued uncertainty in UK consumer behaviour.

“Despite this, our clearly defined strategy and unique business model have resulted in increased order volumes and resilient average order values.

“Our new 544,000sq ft distribution centre will enable further growth in the core bathroom category, as well as unlocking strategic category expansion. 

“We are confident our profitable growth strategy will continue to deliver long-term value.”

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