Victorian Plumbing Group PLC (AIM:VIC), the UK's leading online specialist bathroom retailer, delivered a positive update on trading today with full-year revenue, earnings and cash flow all ahead of consensus market expectations.
Second-half revenues were up around 5% on last year, with a particularly strong performance in quarter four, the group said. Revenue for the full year was broadly unchanged from full-year 2021 and 78% higher than FY19, pre-COVID.
At the same time, a combination of carefully controlling prices and ongoing proactive management of the supply chain led to improved gross margins in the second half, the company added.
The company said it continues to be highly cash generative and will start the new financial year with in excess of £43mln of net cash while inventory levels are strong to minimise the risks from supply chain disruption.
“Whilst the operating and economic environment is challenging, as a highly cash generative business with a strong balance sheet and growing momentum through 2022 we enter the new financial year with confidence in our plans for further progress,” the group said.
Shares rose 6.4% on the news.