Online bathroom retailer Victorian Plumbing has posted double digit growth in its recent half year trading results, with revenue of £146.8million, up 10% on 2022.
In addition, its adjusted EBITDA increased by 48% year-on-year to £9.9million from £6.7million in 2022.
The retailer reported not only had its total orders increased by 6%, for six months up until March 31, 2021 to £482,000 but the order value had also grown, with the first half up 3% to £305 year-on-year.
Its trade revenue for the first half of 2023 grew by 20% to £29.6million and now represents 20% of its total revenue, up from 18% year-on-year.
In addition, categories such as tiles and lighting also increased in the first six months of 2023 by 54% to £3.7million, up from £2.4million year-on-year.
Victoria Plumbing has invested in the businesss, having signed a 20-year lease for a 544,000sqft purpose-built UK distribution centre in Lancashire, set to open in the second half of next year.
According to the company, it will support its expansion and will enable consolidation of a number of the Group’s existing sites, although some existing facilities will be retained to enable adjacent category expansion.
In addition, the company has re-platformed its website to improve the customer journey though the second half of 2023 and is continuing to develop and test a trade app for a wider roll out later in the year.
Founder and chief executive officer of Victorian Plumbing Group plc Mark Radcliffe said: “Momentum from our strong delivery in the latter part of FY22 has built into the first half of this financial year.
“We have further increased our market share, building on our position as the UK’s No. 1 bathroom retailer, through our strategy and unique business model, which have remained constant since IPO.
“We are proud of our investment in a wide range of products, knowing customer choice is ever more important when considered against cost-of-living pressures. We continue to offer good product availability, underpinned by careful inventory management.
“Our new UK distribution centre will represent another key milestone and, together with on-going investment in technology, this will enable further growth in the core bathroom category as well as strategic expansion in adjacent categories.”