Revenues up 6%, Profits up 26% and Trade Revenue Grows 13%
- 26% increase in operating profits to £15.3m
- 6% rise in revenues to £285.1m
- Gross profit up 11% at £134.6m, EBITDA up 22% to £23.8m
- Gross profit margin increased to 47% (2022: 45%)
- Market spend reduced to 27.8% from 28.3% in 2022
- Brand awareness score improved to 64% (2022: 60%)
- Trade revenue grew 13% to £59.5m, representing 21% of total revenue
- Tiles and lighting revenue up 35% to £7.3m
- New distribution centre in 2024 to unlock growth potential and create efficiency
- Victorian Plumbing maintains position as UK’s top bathroom retailer
Victorian Plumbing Group has reported a strong financial performance for the year ended 30 September 2023, with a 26% increase in operating profits to £15.3m and a 6% rise in revenues to £285.1m. The company’s gross profit increased by 11% compared to last year at £134.6m, and adjusted EBITDA grew 22% to £23.8m. The group attributed the growth to a shift in product mix towards its own-brand ranges and reduced shipping costs, as well as favorable foreign exchange movements. Its gross profit margin improved from 46% in H1 2023 to 49% in H2 2023, with a full-year gross profit margin of 47% (2022: 45%. The company’s trade revenue grew by 13% to £59.5m, representing 21% of total revenue (2022: 20%. Tiles and lighting revenue also increased by 35% to £7.3m. The upcoming opening of a new distribution center in 2024 is expected to facilitate further growth in these categories and other expansions, removing space constraints and creating efficiency. Victorian Plumbing maintains its position as the UK’s top bathroom retailer.
Factuality Level: 10
Factuality Justification: The article provides accurate and objective information about the company’s financial performance, including specific numbers and percentages, as well as insights from the CEO. It does not contain any irrelevant or sensational details, nor does it present personal opinions as facts.
Noise Level: 2
Noise Justification: The article provides relevant and informative content about the financial performance of Victorian Plumbing Group, including profit increases, revenue growth, and strategic plans for future expansion. It includes specific numbers and details on the company’s operations and market position. The CEO’s comments add credibility to the report.
Financial Relevance: Yes
Financial Markets Impacted: Victorian Plumbing Group’s financial performance and expansion plans impact the company’s stock price and potential investments in the bathroom retail sector.
Financial Rating Justification: The article discusses the financial results of Victorian Plumbing Group, a UK bathroom retailer, including increased profits, revenues, and growth strategies. This information is relevant to investors and those interested in the company’s performance and could impact the stock price and investment decisions in the sector.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: No extreme event mentioned in the text.
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