NEWS | Round-up
‘Robust consumer demand’ boosts Victorian Plumbing sales for 2023
ONLINE BATHROOM giant Victorian Plumbing has increased its revenue for 2023 after what was a static year in 2022. The results came just days after the move that saw arch rival Victoria Plum sold in a pre-pack deal to AHK Design [page 6], which was roundly criticised by Victorian Plumbing chief executive Mark Radcliffe [
kbbreview.com, October 3].
In its latest full-year financial trading update, Victorian Plumbing said revenue for the year ending September 30, 2023, was up by 6% over 2022, when the company reported sales of £269.4 million. The 6%
increase was an
improvement over its 2022 performance, when sales remained more or less static compared with £268.8m in 2021.
The online retailer said that this growth was driven by increased order volumes, while average order values remained in line with the year before (£306m). A solid performance in the first half of 2023 continued into the
order volumes and resilient average order values, with customers continuing to appreciate the choice of great value products that we offer. “As a highly cash generative business with a strong balance sheet, we continue to invest in the business – across
people, infrastructure,
second half and it reported “robust consumer UK demand”.
The statement forecast a profit (EBITDA) “in line with market expectations”. In 2022, EBITDA profits plummeted by 51% to £19.5m compared with £40.1m in 2021. Operating profit also plunged by 40% to £12.1m for 2022.
The company claimed in this latest statement that “profitability has improved year on year, driven by
Successful debut for HPP’s first trade show
FITTED FURNITURE component specialist HPP brought suppliers and retailers together for a special one-day showcase event. Held on September 29 at the Village Hotel in Manchester, the HPX event featured stands from some of HPP’s biggest suppliers, including Blum, Egger, Kronospan, Reginox, Sensio, Vibo and ArtiCAD, and welcomed over 300 retail partners through the door. Kbbreview was the lead media partner. Marketing and business development director Dan Mounsey explained the thinking behind HPP’s first trade exhibition: “We know that HPP is in a unique position in the marketplace because of the number of suppliers we partner with and our range of products and services. We have relationships with more big-name suppliers than anybody else and so to best serve the needs of our retail customers, we wanted to bring those suppliers together under one roof.” The event also gave retailers the opportunity to speak to senior representatives from the companies exhibiting and to network with other retailers. Tom Sharp, Egger’s northern area sales manager, said: “HPX has been a very successful day and a good opportunity to get in front of customers. We’ve had good feedback on our new products, and we’ve been able to showcase to more people than we normally would in this kind of space and time. Dave Mayer, commercial director at Reginox, added: “HPX has been brilliant.
We’ve had people say we didn’t know (HPP) sell sinks, so we’ve been able to educate them. That interaction has been good for us and it’s good for HPP too.”
reduced shipping costs and favourable foreign exchange movements”. In the 2022 results, it reported that gross profit margins had increased by 1% to 45% in H2 although for the full year it was down from 49% in 2021 to 45%. Commenting on the results, chief executive Mark Radcliffe said: “This has been a year of continued delivery of our growth plans. Our clearly defined strategy and unique business model have resulted in increased
Ex-AO man joins Swift as joint managing director
APPLIANCE, SINKS and taps wholesaler Swift has appointed Anthony Sant as its new joint managing director.
Sant joins current managing director Chris Honer and operations director Sharon Honer to form the wholesaler’s new management team. Sant will oversee strategy, IT, purchasing and finance, while Chris Honer will focus on sales and marketing, with Sharon Honer looking after customer experi- ence, warehousing and logistics. Swift says that Sant’s appointment
to its management team is intended to drive the company’s continued growth and innovation.
Sant was previously the managing
direc tor of AO Business, and group business development director at AO World. He is said to have been a key player in the company’s expansion of its B2B business and to have been responsible for having grown turnover and profits within that division. He was also involved in recycling and reuse initiatives.
Sant said of his appointment: “I am thrilled to be joining the Swift team and look forward to working closely with Chris and Sharon to drive the
8
company’s continued growth. Swift has
an outstanding reputation for
customer service, quality and innovation, and I am excited to be contributing to its continued success.” Chris Honer added: “We welcome Anthony and look forward to leveraging his expertise in business development and his vision for growth are exactly what we need to expand our customer base and take advantage of market opportunities.”
The company has also recently restructured its sales team to focus more strongly on proactive account management and digital. When kbbreview interviewed Sant during his tenure at AO, he said he believed the kitchen showroom retail was a “phenomenal opportunity”. Swift deals with such high-profile brand names as Creda, Indesit, Hotpoint, Hoover, Candy, New World and Franke.
• November 2023
technology, and our new UK distribution centre, the successful delivery of which will enable further growth in the core bathroom category as well as strategic category expansion. We are confident that Victorian Plumbing’s profitable growth strategy will continue to deliver long- term value to all stakeholders.” Victorian Plumbing also reported that it has now signed the lease on its new 544,000sq ft distribution centre in Leyland, Lancashire, which it said should become fully
operational on
schedule in 2024. Victorian Plumbing claims to be the
‘UK’s largest bathroom retailer’, based on a report by market reseracher Mintel that ranked them as the biggest bathroom retailer by revenue.
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