Victoria Plum Turnover Exceeds £70m

In the year of its acquisition by Endless in October 2019, Hull-based Victoria Plum has reported a turnover figure of more than £70m. 

Financial data for the year ended 29th February 2020 revals that turnover increased to £70.9m, up 11% from £63.7m in 2019, with an EBITDA figure of £2.1m.

Since the start of the new financial year, Victoria Plum - which only trades online - has seen year-on-year sales growth increase by double-digits and increased profitability.  The etailer said it adapted quickly to changing consumer behaviours amid the coronavirus crisis.

Paul McClenaghan, Victoria Plum's CEO, said: "We continue to invest heavily in technology to take full advantage of the change in customer behaviour that has seen many shoppers migrate online. I am particularly encouraged by the growth of our differentiated offering that continues to reduce our reliance on 'product and price.

"The launch of our new Design & Installation service has been very well received by our customers and further differentiates us from the price-led competitors.

"Our exclusive house brands are now recognised in their own right, and the strong relationships that we have forged with a small but important number of branded manufactures are working well. Our Trade business continues to grow, as does the economic advantage of this route to market."

Endless LLP Partner, Matthew Jubb, said: "We have been delighted by the progress made by Paul and the team following our investment in October 2019.

"The results to February 2019 are just the foundations for what is proving to be a very exciting 2020 for the business with trading having been so strong in recent months.

"We are proud to be the investor behind a longstanding Yorkshire business and to support the management team with its plans, which we believe give good reason to be excited about Victoria Plum's future."

Source : Insight DIY Team

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