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:
|
Victorian Plumbing Group plc
Mark Radcliffe, Chief Executive
Officer
Daniel Barton, Chief Financial
Officer
|
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
VictorianPlumbing@fticonsulting.com
|
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Houlihan Lokey UK Ltd (Nominated Adviser)
Sam Fuller, Tim
Richardson
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+44 20 7484
4040
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Barclays Bank PLC (Joint Broker)
Nicola Tennent, Stuart
Muress
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+44 20 7623
2323
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Deutsche Numis (Joint Broker)
Luke Bordewich, Oliver
Steele
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+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.