Plumbing

Victorian Plumbing 1H 2022 Pretax Revenue, Income Fall; Backs Steerage

By Anthony O. Goriainoff

Victorian Plumbing Group PLC said Tuesday that pretax profit fell for the first half of fiscal 2022 after booking higher costs and a fall in revenue, and backed its guidance for the year.

The UK online retailer of bathroom products said that for the six months ended March 31, pretax profit was 2.7 million pounds ($3.3 million) compared with GBP14.5 million for the first half of fiscal 2021.

Adjusted earnings before interest, taxes, depreciation and amortization–a metric that strips out exceptional and other one-off items–fell to GBP6.7 million from GBP20.1 million the year-prior period. The company said this reflected a reduction in gross profit margin, and the strategic rise in its marketing activity.

Revenue fell to GBP133.9 million from GBP140.7 million the year before. The company said this was due to lower demand in a tough comparable period resulting from market outperformance during Covid-19-related lockdowns.

The company said in February that it expected to deliver modest year-on-year revenue growth through the second half.

“There are well reported ongoing inflationary cost pressures and we remain acutely aware that our customers are also managing these pressures. The group will therefore continue its careful approach to price rises through the second half,” the company said.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

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