Victorian Plumbing makes strong start to financial year

2nd Mar 2023 13:30

(Sharecast News) - Specialist online bathroom retailer Victorian Plumbing described a strong start to its financial year in an update on Thursday, year-to-date revenue growth of 10%.

The AIM-traded company, which was holding its annual general meeting, said it had maintained the trading patterns reported in its December, and was continuing to deliver strong results.

It added that its gross margin and marketing spend efficiency had improved compared to the same period last year.

"The group continues to focus on its long-term goals, making good progress across all strategic growth areas," the board said in its statement.

"Since the full-year results, the group has successfully replatformed the website to enable further improvement to the customer journey, and has also agreed a 20-year lease for a new 544,000 square foot distribution centre in Lancashire, to support future growth plans."

Victorian Plumbing said it would report its interim results for the six months ending 31 March on 23 May.

At 1250 GMT, shares in Victorian Plumbing Group were up 5.89% at 89p.

Reporting by Josh White for Sharecast.com.