Online bathroom retailer Victorian Plumbing has announced a growth of 29%, with revenue of £268.8million, and gross profit up 42% to £130.5million in its full year results ended September 30, 2021.

The company reported adjusted EBITDA up 53% to £40.1million with adjusted EBITDA margin of 15% and operating cash flow up 18% to £32.6million from £27.6million in 2020.

However, profit before tax reduced by 17% to £19.7million after accounting for £9.4million of exceptional costs relating to its IPO in June 2021 and share-based payments of £7.7million.

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Victorian Plumbing experienced not only a growth in total orders up 17% to 906,000 from 776,000 in 2020 but also an increase in the average order value, up 10% to £297 from £269 in 2020.

As reported in its full year trading update in October 2021, despite experiencing more subdued market conditions during the summer months, following the easing of restrictions, Victorian Plumbing stated customer demand improved during September.

It also pointed out, through the first two months of FY22, while consumers have continued to spend more on leisure and less on big ticket purchases, demand and revenue have been broadly the same as last year and 41% ahead of FY20.

Citing “adaptability” of its supply chain and investment in stock, Victorian Plumbing stated it was operating from a position of strength “relative to others”.

However, it also reported as the company looks to balance revenue growth with profitability in the short-term, gross margins may move closer to those achieved in FY20.

As the company navigates the trading environment, it announced plans to be “even more aggressive” on its marketing to increase market share.

The company marginally increased its marketing spend, as a percentage of revenue to 26% from 25% in 2020 with increased investment in digital “performance-based” marketing to complement offline content.

To help customers in their purchasing decisions, Victorian Plumbing introduced CGI imagery, 360° product views, more detailed product descriptions and “upgraded” interaction with its finance partners.

Founder and chief executive officer of Victorian Plumbing Group Mark Radcliffe said: “This has been a milestone year for Victorian Plumbing as we accelerated our growth, supported by the continued dedication and agility of colleagues around the business, and successfully completed our listing on the London Stock Exchange.

“Our distinctive brand and extensive choice of quality bathroom products have been key drivers in attracting consumers to our platform, while the strength of our supply chain and our investment in inventory means that the majority of our products have remained immediately available.

“Although the short-term outlook is difficult to predict as the world normalises from the events of the last two years, it is inevitable that consumer buying behaviour will continue to move online.

“The board remains confident in the medium to long-term growth prospects for Victorian Plumbing.”

Victorian Plumbing offers more than 24,000 products to B2C and trade customers, with more than 125 own and third-party brands.

Headquartered in Skelmersdale, Lancashire, the group employs over 500 staff across seven locations.