25
February 2025
Victorian Plumbing Group
plc
("Victorian Plumbing" or the "Group")
AGM Trading Update and 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 FY25 ("the Period"), in advance of the
Annual General Meeting to be held at 9:30am this
morning.
The successful transition to our new
semi-automated distribution centre, completed in December 2024, has
enabled the Group to make further progress in our strategic growth
areas:
- During January 2025,
next day delivery service cut-off timing moved from midday to 3pm,
an improved service which benefits our trade customers in
particular;
- On 22
January 2025, the Group launched a free tile sample offering, which
enables all customers to select up to three sample tiles via
express checkout to be delivered free of charge; and
- On 17 February 2025,
the Group launched a third party digital trade credit offering that
is available to qualifying trade customers.
Early indications suggest that this
improved offering has been well received by our customers. Since
the Group's last trading statement, in relation to Q1 of FY25, we
have seen the rate of revenue growth improve for January 2025 - and
it is anticipated to have increased further again in February 2025.
Overall, revenue for the Period is anticipated to be up 5%
year-on-year, demonstrating the early success of our strategic
growth initiatives and the enhanced capabilities that our new
distribution centre brings.
Gross profit margin improvement
continues in line with the previous financial year as sales of our
own brand range continues to grow as a proportion of the overall
Group.
Our three growth horizons continue
to build momentum and we are pleased that Tiles and Décor is
expected to grow by 30% in the Period. We will continue to
prioritise expansion category and trade growth alongside our
efficient marketing strategy in core bathroom.
The closure of Victoria Plum is now
complete, and all stock has been transferred. The Group exited the
lease in Doncaster on 31 January 2025.
Despite continuing UK consumer
uncertainty, as reported at our Full Year Results on 15 January
2025, the Board continues to remain confident in delivering profit
in line with full year market expectations.
The Group will report its Interim
Results for the six months ending 31 March 2025 on 14 May
2025.
-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, Harriet Jackson, Amy
Goldup, Lia Bevan
|
+44 20 3727
1000
VictorianPlumbing@fticonsulting.com
|
|
Houlihan Lokey UK Ltd (Nominated Adviser)
Sam Fuller, Tim
Richardson
|
+44 20 7839
3355
|
|
|
|
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Barclays Bank PLC (Joint Broker)
Nicola Tennent, Stuart
Muress
|
+44 20 7623
2323
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|
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Canaccord Genuity Limited (Joint Broker)
Bobbie Hilliam, Elizabeth
Halley-Scott
|
+44 20 7597
5970
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About Victorian Plumbing Group
Victorian Plumbing is
the UK's leading bathroom retailer, offering an
unrivalled high-quality product range and excellent stock
availability to B2C and trade customers.
Victorian Plumbing offers its
customers a one-stop shop solution for the entire bathroom with own
and third party brands across a wide spectrum of price points.
Victorian Plumbing product design and supply chain strengths are
complemented by its creative and brand-focused marketing strategy
to drive significant and growing traffic to its
platforms.
Headquartered in the North West,
Victorian Plumbing employs staff across several locations
in the UK.
