Victorian Plumbing reported an 11 per cent rise in annual revenue to around £344 million.
The bathroom retailer said order numbers increased 13 per cent in the year to September 30, although average order value fell five per cent.
Tiles and flooring revenue surged 76 per cent to around £31 million, while sales to trade customers rose six per cent to approximately £78 million. The group also benefited from £7 million in revenue from recently acquired haulage business Sovereign Transport Services and £3 million from furniture and homeware brand MFI.
Adjusted pre-tax profit was expected to reach around £22 million, slightly ahead of market expectations of £21.7 million and up from £21.8 million last year.
The Victorian Plumbing business was expected to generate approximately £26 million in adjusted pre-tax profit, offset by a £4 million loss at MFI as the group continued investing in the brand.
GlobalData senior retail analyst Matt Walton said Victorian Plumbing had continued to outperform the bathroom furniture market through investment and competitive pricing.
He estimated sales growth was around five per cent after stripping out tiles and flooring, the haulage acquisition and growth in trade, compared with a 0.8 per cent increase in the bathroom furniture market over the retailer’s financial year.
However, Walton warned that shoppers remained reluctant to commit to larger purchases. He said the shift towards lower-priced tiles and flooring partly explained the decline in average order value, alongside customers opting for smaller refreshes and replacement purchases.
Trade remained an opportunity for further growth, he added. Despite rising sales, the division accounted for around 23 per cent of revenue, broadly unchanged from 2023/24.
Victorian Plumbing introduced third-party financing and a later next-day delivery cut-off for trade customers at the end of the first half. Walton said targeted radio advertising and sporting event sponsorship could help it attract more customers and build a steadier revenue stream.
He also identified establishing MFI’s identity as an early challenge for chief executive Stephnie Judge, arguing that the brand had limited recognition among younger shoppers and potentially negative associations among older consumers.
Judge said: “We were particularly pleased by strong growth in tiles and flooring, demonstrating the strength of our category expansion strategy.”
The group will publish its full-year results on December 8.
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