VIC.L

Victorian Plumbing Group plc
Victorian Plumbing - AGM Trading Update & Notice of Results
27th February 2024, 07:00
TwitterFacebookLinkedIn
To continue viewing RNS, please confirm that you are a Private Investor*

* A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:

  1. Obtains access to the information in a personal capacity;
  2. Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
  3. Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
  4. Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
  5. Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
  6. Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
RNS Number : 5138E
Victorian Plumbing Group PLC
27 February 2024
 

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

FTI Consulting (Financial PR)

Alex Beagley, Eleanor Purdon, Harriet Jackson, Amy Goldup

 

+44 20 3727 1000

VictorianPlumbing@fticonsulting.com

Houlihan Lokey UK Ltd (Nominated Adviser)

Sam Fuller, Tim Richardson

+44 20 7484 4040



Barclays Bank PLC (Joint Broker)

Nicola Tennent, Stuart Muress

+44 20 7623 2323



Deutsche Numis (Joint Broker)

Luke Bordewich, Oliver Steele 

+44 20 7260 1000

 


 

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.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
MSCBRGDDCSDDGSL]]>
TwitterFacebookLinkedIn