Victorian Plumbing FY revenue, profits grow

Bathroom retailer Victorian Plumbing said on Thursday that revenue and profitability had both improved in the twelve months ended 30 September.

Victorian Plumbing said annual revenues had increased roughly 6% year-on-year, driven by a similar 6% jump in order volumes and average order values that remained in line with the prior year, with a continuation of the positive trends experienced in the first half.

Profitability improved year-on-year, driven by a product mix shift towards Victorian Plumbing's own-brand ranges as well as by reduced shipping costs and favourable foreign exchange movements.

The AIM-listed group added that adjusted underlying earnings were anticipated to be in line with market expectations.

Chief executive Mark Radcliffe said: "This has been a year of continued delivery of our growth plans. Our clearly defined strategy and unique business model have resulted in increased order volumes and resilient average order values, with customers continuing to appreciate the choice of great value products that we offer across our ranges.

"As a highly cash-generative business with a strong balance sheet, we continue to invest in the business - across people, infrastructure, technology, and our new UK distribution centre, the successful delivery of which will enable further growth in the core bathroom category as well as strategic category expansion. We are confident that Victorian Plumbing's profitable growth strategy will continue to deliver long-term value to all stakeholders."

As of 1050 BST, Victorian Plumbing shares were down 0.33% at 90.0p.

Reporting by Iain Gilbert at Sharecast.com