Victorian Plumbing shares rise as trading in line with expectations

(Alliance News) - Victorian Plumbing Group PLC on Tuesday reported "solid" trading ahead of its full-year results in December, noting revenue gains and robust demand despite a "challenging macroeconomic environment".

Shares in the Lancashire, England-based bathroom retailer rose 9.1% to 85.06 pence on Tuesday morning in London following the announcement.

Victorian Plumbing said revenue for the financial year that ended September 30 was in line with market expectations, up around 5% to about GBP310 million from GBP295.7 million in financial 2024.

At its half-year results in May, the company guided full-year revenue between GBP308 million and GBP313 million.

The company said this improvement was despite a "challenging macroeconomic environment", as Victorian Plumbing gained market share in overall UK home improvement and do-it-yourself market that shrank by an estimated 3%, according to the Barclays UK Consumer Spend Report.

Victorian Plumbing reported "robust" customer demand during the period, with order volumes rising 6% and a record 1.1 million orders delivered, up from 1.0 million in the prior year.

Adjusted earnings before interest, tax, depreciation, and amortisation rose by 17% to GBP31.8 million from GBP27.2 million, meeting the top end of market expectations, the company said.

Back in May, Victorian Plumbing guided adjusted Ebitda for the full-year between GBP31 million to GBP32 million.

Victorian Plumbing credited this earnings advance to a mix of revenue growth and improved marketing efficiency.

Also on an adjusted basis, the company said pretax profit was in line with the top end of market expectations at around GBP21.8 million, down 5.6% from GBP23.1 million in financial 2024.

The company previously guided full-year adjusted pretax profit of between GBP21 million and GBP22 million.

Victorian Plumbing is scheduled to report its full annual results on December 3.

"I am pleased to report another solid financial and operational performance following an exciting twelve months for the group. Our own brand proposition and availability of a wide range of high-quality bathroom products and accessories continue to resonate with our customers," said Chief Executive Mark Radcliffe.

By Christopher Ward, Alliance News reporter

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