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Victorian Plumbing Group plc issued a trading update on 27 February 2024 for the first 21 weeks of FY24, ahead of its Annual General Meeting. For this period, average order value decreased by 3% year-over-year, while order volume increased by 4% year-over-year, resulting in 1% year-to-date revenue growth. The Group also reported one-third of its new distribution centre fit-out is complete, with full operation expected in the second half of 2024, and will report Interim Results on 28 May 2024.
| Date | 27 Feb 2024 |
| Time | 07:00:04 |
| Category | Miscellaneous |
| ID | 5138E |
27 February 2024
Victorian Plumbing Group plc
("Victorian Plumbing" or the "Group")
AGM Trading Update & Notice of Results
Victorian Plumbing (AIM: VIC), the UK's leading bathroom retailer, today provides an update on trading for the first 21 weeks of FY24, in advance of the Annual General Meeting to be held at 9:30am this morning.
As reported at the FY23 Results on 22 November 2023, customers are continuing to seek value and are purchasing proportionately more own brand products, which has led to a 3% reduction in average order value ("AOV") year-over-year ("YOY"). In keeping with strategy, and despite an unchanged market backdrop, the Group has continued to make market share gains, with YOY order volume up 4%, more than offsetting the reduction in AOV. As a result, we are pleased to report year to date revenue growth of 1%.
The increase in own brand product sales continues to improve the Group's gross margin and, together with stable marketing spend efficiency, enables us to remain confident in delivering full year adjusted EBITDA in line with market expectations.
As planned, we are making significant progress towards the opening of our new distribution centre, which will address current capacity constraints, unlock growth potential and create efficiencies. One-third of the warehouse fit-out is now complete, with the expectation that we will be fully operational in the second half of 2024, on schedule and within budget.
We continue to focus on our long-term goals, notably in gaining market share, and we are making good progress across our strategic growth areas.
The Group will report Interim Results for the six months ending 31 March 2024 on 28 May 2024.
-ENDS-
For further information, please contact:
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Victorian Plumbing Group plc Mark Radcliffe, Chief Executive Officer Daniel Barton, 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, Harriet Jackson, Amy Goldup
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+44 20 3727 1000 |
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Houlihan Lokey UK Ltd (Nominated Adviser) Sam Fuller, Tim Richardson |
+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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Deutsche Numis (Joint Broker) Luke Bordewich, Oliver Steele |
+44 20 7260 1000 |
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About Victorian Plumbing Group
Victorian Plumbing is the UK's leading bathroom retailer, offering a wide range of over 34,000 products to B2C and trade customers. Victorian Plumbing offers its customers a one-stop shop solution for the entire bathroom with more than 130 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 focuses on online channels to drive significant and growing traffic to its website.
Headquartered in Skelmersdale, Lancashire, the Group employs over 600 staff across ten locations in Lancashire, Manchester and Birmingham.