Business
Half Year Results
Half Year Results.
About this update from Victorian Plumbing Group Plc
[{"type":"text","content":"\n\n\n \nVictorian Plumbing Group PLC\nHALF year results for the SIX MONTHS ENDED 31 mARCH 2023\nFurther trading momentum and market share gains; strong cash generation and robust balance sheet\nVictorian Plumbing Group plc ('Victorian Plumbing', 'the Group'), the UK's leading online specialist bathroom retailer, announces its half year results for the six months ended 31 March 2023 ('H1 2023').\n\n\n\n\n \n\n\nH1 2023\n\n\nH1 2022\n\n\nChange\n\n\n\n\nRevenue\n\n\n£146.8m\n\n\n£133.9m\n\n\n10%\n\n\n\n\nGross profit(1)\n\n\n£66.8m\n\n\n£58.5m\n\n\n14%\n\n\n\n\nGross profit margin(2)\n\n\n46%\n\n\n44%\n\n\n2%pts\n\n\n\n\nAdjusted EBITDA(3)\n\n\n£9.9m\n\n\n£6.7m\n\n\n48%\n\n\n\n\nAdjusted EBITDA margin(4)\n\n\n7%\n\n\n5%\n\n\n2%pts\n\n\n\n\nOperating profit\n\n\n£5.5m\n\n\n£2.9m\n\n\n90%\n\n\n\n\nAdjusted diluted EPS(5)\n\n\n1.9p\n\n\n1.2p\n\n\n58%\n\n\n\n\nStatutory diluted EPS\n\n\n1.3p\n\n\n0.6p\n\n\n117%\n\n\n\n\nInterim dividend\n\n\n0.45p\n\n\nNil\n\n\n0.45p\n\n\n\n\nNet cash\n\n\n£40.9m\n\n\n£33.7m\n\n\n21%\n\n\n\n\n \nFinancial highlights\n\n\n\n\n●\n\n\nStrong H1 revenue, up 10% year-on-year to £146.8m (H1 2022: £133.9m)\n\n\n\n\n●\n\n\nImproved gross profit(1) up 14% year-on-year to £66.8m; gross profit margin(2) increased 2ppts to 46% (H1 2022: 44%)\n\n\n\n\n●\n\n\nAdjusted EBITDA(3) increased by 48% year-on-year to £9.9m (H1 2022: £6.7m); adjusted EBITDA margin(4) increased 2ppts to 7% (H1 2022: 5%)\n\n\n\n\n●\n\n\nNet cash £40.9m (H1 2022: £33.7m, FY 2022: £45.5m), reflecting strong cash conversion and the payment of £9.1m of dividends in H1 2023 (H1 2022: £nil)\n\n\n\n\n●\n\n\nAdjusted diluted EPS(5) of 1.9 pence per share (H1 2022: 1.2 pence per share), reflecting a 58% increase\n\n\n\n\n●\n\n\nInterim dividend of 0.45p per share declared (H1 2022: £nil)\n\n\n\n\n \nOperational and strategic highlights\n\n\n\n\n●\n\n\nTotal orders(8) for the six months ended 31 March 2023 was 482,000, a 6% increase on last year (H1 2022: 453,000) and a 13% increase on H2 2022 (at 427,000), reflecting further market share gains, with the Group having become the UK's number one bathroom retailer in FY 2022(12)\n\n\n\n\n●\n\n\nAverage order value(10) for the first half was up 3% to £305 (H1 2022: £296)\n\n\n\n\n●\n\n\nMarketing spend as a % of revenue for the six months has reduced from 30% to 28% reflecting favoura...