7th Oct 2021 10:54
(Alliance News) - Victorian Plumbing Group PLC on Thursday reported a significant rise in annual revenue as the firm successfully avoided the impact of global supply chain problems.
The bathroom products retailer said its financial year ended September 30 finished positively with revenue growth of around 29% year-on-year, with customer demand improving in September.
Gross margins remained strong throughout the year, the firm noted, with adjusted earnings before interest, tax, depreciation and amortisation anticipated to be ahead of market expectations.
"Given the widely publicised global supply chain issues that have been affecting many companies, the group has been proactive in optimising its stock holding going into the new financial year," the Skelmersdale, Lancashire-based firm explained.
Victorian Plumbing noted that revenue growth moderated over the summer, with more subdued market conditions as lockdown restrictions were eased.
Shares were 7.4% lower at 222.25 pence each in London on Thursday morning.
The firm floated on the AIM market of the London Stock Exchange back in June with a landmark market capitalisation of around GBP1 billion, making it one of the 30 most valuable companies on London's junior market based on market values at the time. It is now 33% lower than its IPO price of 330p per share.
By Will Paige; [email protected]
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