- Record revenue of £151m, growth of 28%.
- Profit rises by 188.6% to £10.1m.
- Success attributed to increase in brand awareness, reinvestment in products.
- Forecasted revenue of £200m for 2020 (growing 32.4%).
Online bathroom retailer Victorian Plumbing has posted its financial results for 2019, with record revenue of £151m and a profit of £10.1m.
Revenue has grown by 28% from 2018 (£118m) and profit has risen by 188.6% (£3.5m in 2018). The financial year for the company spans from September 2018 – September 2019.
With its record revenue, Victorian Plumbing is now positioned as the largest bathroom retailer in the UK, a significant achievement in what has been a difficult year for the bathroom industry, amidst buyouts and administrations encountered by the business’ competitors.
The company has outperformed expectations, after predicting a revenue of £145m for 2019. Brand awareness is cited as one of the chief reasons for its success, seeing an increase on last year with 54% of all UK adults recognising the brand, compared to 50% in 2018. This increase was achieved in part by a new ATL campaign, which saw Laurence Llewelyn-Bowen featured as the brand’s star employee.
Focusing on the quality of its products has been important for the brand, along with improving service through investment in staff and new technologies. Finally, return custom from trade partners has also been an important factor in the year’s high earnings.
Growth and profitability remain key targets for Victorian Plumbing, which was named by Retail Week as Britain’s most productive retailer, ahead of ASOS and Aldi. Victorian Plumbing was also named as one of Fast Track’s Top 250 private businesses in 2019, the only Merseyside business to appear on the list. Expectations for 2020 are high, with forecasted sales of £200m and growth of 32.4% as Victorian Plumbing aims to solidify its position as market leader.
Mark Radcliffe, Managing Director of Victorian Plumbing:
“I’m really pleased to stop and assess what we have achieved, from humble beginnings in a garden shed to the largest UK bathroom retailer. It’s a real testament to the team’s efforts and relentless pursuit of perfection.
It’s been a year when competitors have pointed the finger at a variety of factors such as the housing market, Brexit and consumer confidence, but the fact that we’ve succeeded where they haven’t shows that it’s our staff and people that make the difference.
We constantly aim to be better than the competition in all areas with exciting targets set by the teams and so much care and pride throughout. I’m really excited about the future of Victorian Plumbing, with much more still to come.”
A full set of accounts for Victorian Plumbing can be found on Companies House.