Online bathroom retailer Victorian Plumbing has reported a growth in sales and profit, with revenue up 6% on last year to £285.1 million.

In its full year financial results for year ended September 30, 2023, Victorian Plumbing reported its order volume grew by 6% to 932,000 but average order value remained flat in the same period.

Victorian Plumbing had double digit trade revenue growth of 13% to £59.5 million, which represented just over a fifth of its revenue (21% as opposed to 20% in 2022).

Sponsored Video

Quarter sawn Tulipwood

In terms of product categories, tiles and lighting revenue grew by 35% to £7.3 million.

Victoria Plumbing also reports its replatformed website shows expansion categories more prominently and it has improved search functionality using bespoke developed AI technology.

With the upcoming opening of a distribution centre in Leyland, Lancashire in 2024, Victorian Plumbing expects growth in these expansion categories.

The online retailer reported profitability improved year-on-year, which it  attributes to product mix shifting towards own brand ranges, reduced shipping costs and favourable foreign exchange.

Gross profit margin was up 11% on 2022 at £134.6 million, with adjusted EBITDA of £23.8 million up on 2022 by 22% and operating profit of £15.3 million which grew 26% on last year.

Marketing spend as a percentage of revenue  was reduced from 28.3% in 2022 to 27.8%, however brand awareness improved to 64% (from 60% in 2022) following its ‘Boss Your Bathroom’ advertising campaign.

In addition, Victorian Plumbing launched a three-year sponsorship of Bolton Wanderers Football Club as title and front of shirt sponsor from the 2023/24 season.

Commenting on the results, founder and CEO of Victorian Plumbing Mark Radcliffe said: “This has been a year of continued delivery of our growth plans.

“Our clearly defined strategy and unique business model have resulted in increased order volumes and resilient average order values, with customers continuing to appreciate the choice of great value products that we offer across our ranges.

“As a highly cash generative business with a strong balance sheet, we continue to invest in the business – across people, technology and infrastructure.

“Our new purpose-built 544,000 square feet distribution centre, once operational, will enable further growth in the core bathroom category, as well as unlocking further strategic category expansion.

“We are confident that Victorian Plumbing’s profitable growth strategy will continue to deliver long-term value to all stakeholders.”