UK DIY News
Victorian Plumbing: Annual Trading Ahead Of Expectations
Victorian Plumbing Group plc (AIM: VIC), the UK's leading online specialist bathroom retailer, today provides an update on trading for the year ended 30 September 2022 ("FY22"). The financial year finished positively with revenue, earnings, and cash flow all ahead of consensus market expectations.
H2 revenue was up c.5% on last year, with a particularly strong Q4 performance with revenue for the full year broadly unchanged from FY21, an increase of c.78% when compared to FY19, pre-COVID.
Against a wider bathroom market that is down year on year, this establishes Victorian Plumbing's position as the No. 1 bathroom retailer in the UK.
At the same time, through a combination of carefully controlling prices and ongoing proactive management of the supply chain, gross margins have improved in H2 vs. H1 FY22.
Victorian Plumbing continues to be highly cash generative and we will start the new financial year with in excess of £43m of net cash. We have maintained a strong inventory position in order to maximise availability and minimise the risks from supply chain disruption.
Whilst the operating and economic environment is challenging, as a highly cash generative business with a strong balance sheet and growing momentum through 2022 we enter the new financial year with confidence in our plans for further progress.
Notice of Results
Victorian Plumbing will announce preliminary results for the year ended 30 September 2022 on 6 December 2022.
Source : Victorian Plumbing PLC
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