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On 24 February 2022, Victorian Plumbing Group plc issued an AGM Trading update, reporting that revenue for the four months ended 31 January 2022 decreased 3% year-on-year but increased 38% compared to the same period two years prior. The company also stated it expects both gross profit margin and adjusted EBITDA margin to be slightly lower than previously anticipated.
| Date | 24 Feb 2022 |
| Time | 07:00:06 |
| Category | Trading updates |
| ID | 6311C |
24 February 2022
Victorian Plumbing Group plc
("Victorian Plumbing" or the "Group")
AGM Trading update
Victorian Plumbing Group plc (AIM: VIC), the UK's leading online retailer of bathroom products and accessories, today provides an update on current trading.
Victorian Plumbing has continued to trade in line with the dynamic set out in the announcement of our full year results and trading update on 9 December 2021. Our relative trading performance has been encouraging against a backdrop of lower customer demand. Revenue for the four months ended 31 January 2022 was down 3% year-on-year, but up 38% on the same period two years ago, whilst marketing spend has now started to normalise.
As we look to the second half of the financial year, we note that the comparative period performance for revenue eases and so we expect to return to having modest year-on-year growth through H2 2022. There are however ongoing inflationary cost pressures that we face. We are acutely aware that our customers are also managing inflationary pressures and will adopt a careful approach to price rises, which means we are choosing to temporarily absorb some additional costs. We therefore expect both gross profit margin and adjusted EBITDA margin to be slightly lower than previously anticipated.
We remain confident in our ability to continue to take market share and in our long term growth plans.
-ENDS-
For further information, please contact:
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Victorian Plumbing Group plc Mark Radcliffe, Chief Executive Officer Paul Meehan, Chief Financial Officer
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via FTI Consulting +44 20 3727 1000 |
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FTI Consulting (Financial PR) Alex Beagley, Eleanor Purdon, Sam Macpherson
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+44 20 3727 1000 |
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Houlihan Lokey UK Ltd (Nominated Adviser) Sam Fuller, Tim Richardson, Paul Lines |
+44 20 7484 4040 |
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Barclays Bank PLC (Joint Broker) Nicola Tennent, Stuart Muress |
+44 20 7623 2323 |
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Numis Securities Limited (Joint Broker) Luke Bordewich, Tom Jacob, Oliver Steele |
+44 20 7260 1000 |
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About Victorian Plumbing Group
Victorian Plumbing is the UK's leading online retailer of bathroom products and accessories, offering a wide range of over 24,000 products to B2C and trade customers. Victorian Plumbing offers its customers a one-stop shop solution for the entire bathroom with more than 125 own and third-party brands across a wide spectrum of price points.
The Group's product design and supply chain strengths are complemented by its creative and brand-focused marketing strategy, which predominantly focus on online channels to drive significant and growing traffic to its website.
Headquartered in Skelmersdale, Lancashire, the Group employs over 500 staff across seven locations in Skelmersdale, Manchester and Birmingham.