Online bathroom retailer Victorian Plumbing has posted a 5% dip in revenue year-on-year to £133.9million in its half year results to March 31, 2022.

Founder and chief executive officer of Victorian Plumbing Group Mark Radcliffe

According to the company, it laps a “tough comparable period resulting from market outperformance during COVID-19 related lockdowns.”

The Lancashire-based company reports revenue is 39% up on a two-year basis, despite a reduction in customer demand.

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Total orders in the first half of 2022 decreased by 7% year-on-year to 453,000, against 486,000 for the first half in 2021 but remained up by 31% on a two-year basis.

Average orders were up 2% to £296 from £289 in the first half of 2021.

Gross profit margin decreased by five percentage points to 44% , which the company said was due to continued supply chain pressures and its approach to managing price rises during a period of inflationary cost pressures.

Gross profit of £58.5million was up 43% on a two-year period but down 15% year-on-year.

Adjusted EBITDA reduced by 67% year-on-year to £6.7m from the first half results of £20.1m in 2021 and adjusted EBITDA margin reduced by nine percentage points to 5%, from 14% in the first half year results in 2021.

The online retailer has invested in a new website to “drive further growth and enhance its customer journey”, as well as on the development of a new trade app.

Victorian Plumbing reported its trade revenue grew 18% to £24.6million, which represents 18% of its total revenue, against 15% in the first half of 2021.

During the first half of this year, Victorian Plumbing launched its first ever targeted trade radio campaign.

The company has also increased its product offer, growing its tile range by 38% since September 2021 and has added to its lighting range, which now stands at 753 products, as opposed to 502 in September 2021.

Founder and chief executive officer of Victorian Plumbing Group Mark Radcliffe said: “Victorian Plumbing remains the go-to online retailer for consumers who are looking for bathroom products.

“Our market-leading proposition and our innovative and proactive approach to marketing have enabled us to continue growing our market share, even against a challenging market backdrop.

“Following a nine-month period during which the economy was opening up after COVID-19 restrictions and discretionary spending has been more focused on leisure activities, our relentless focus on investing in quality and innovation has resulted in revenue growing 39% on a two-year basis.

“I am pleased with the progress we have made with our technological developments, and I am excited about the opportunities presented by our new website.

“This new platform will enable us to further penetrate our core market and provide the best possible base for us to further expand our trade and adjacent product areas.

“We continue to be focused on our long-term goals. We are making good progress on all of our strategic initiatives and are confident in the future growth prospects of the Group.”

Victorian Plumbing is headquartered in Skelmersdale, Lancashire and employs over 500 staff across seven locations in Skelmersdale, Manchester and Birmingham.

It provides more than 24,000 products to B2C and trade customers, offering more than 125 own and third-party brands.