Rising turnover at online bathroom retailer
Revenues and profitability have seen strong growth in the recently filed accounts for online bathroom retailer Victoriaplum.com for the year ended 29 February 2020.
The company, which was acquired by Yorkshire-based private equity investor Endless LLP in October 2019, reported turnover of £70.9m (up more than 11% on prior year) and EBITDA of £2.1m.
The firm’s latest annual report notes: “During a period when many of the company’s competitors have suffered financial losses, and in certain cases closure, the directors believe the continued improvements that have been made to the business have created the foundations for sustainable growth and further improvements to profitability.
“To facilitate future growth and create shareholder value the business will continue to invest in its infrastructure across the brand, IT platform, operations and people resources.”
In the period of trading since the year ended 29 February 2020, the company has seen further improved performance, with double-digit year-on-year sales growth and profitability significantly ahead of expectations.
Chief executive officer, Paul McClenaghan, said: “We continue to invest heavily in technology to take full advantage of the change in customer behaviour that has seen many shoppers migrate online.
“I am particularly encouraged by the growth of our differentiated offering that continues to reduce our reliance on ‘product and price’.
“The launch of our new Design & Installation service has been very well received by our customers and further differentiates us from the price-led competitors.
“Our Trade business continues to grow, as does the economic advantage of this route to market.”
Matthew Jubb, Partner at Endless LLP: “We have been delighted by the progress made by Paul and the team following our investment in October 2019.
“The results to February 2019 are just the foundations for what is proving to be a very exciting 2020 for the business with trading having been so strong in recent months.
“We are proud to be the investor behind a longstanding Yorkshire business and to support the management team with its plans, which we believe give good reason to be excited about Victoria Plum’s future. “