Victoria Plum has marked its 20th anniversary of trading, with record results. The online bathroom retailer saw sales soar by 46 per cent to reach £103 million for the year to 28 February 2021.
Over the same period, EBITDA increased by 115 per cent to £4.5 million
Like many other businesses last year it also gained significantly more website traffic. The number of users were up 165 per cent to 23.2 million. While sessions nearly quadrupled (194 per cent) to more than 51 million, compared to the previous financial year.
The company attributes the strong results to the ‘successful’ continuation of its management-led turnaround and transformation strategy, under the leadership of chief executive Paul McClenaghan.
Among the year’s notable developments was the launch of its new bathroom design and installation service, which was said to have helped create higher value transactions and improved customer relations. The decision was also taken to permanently switch much of Victoria Plum’s workforce to remote working (with the exception of its fulfilment and delivery teams).
Victoria Plum’s 275,000 square foot distribution facility in Doncaster and one of its offices in Hessle, East Yorkshire, have now become hubs for people to work and meet as required, it says.
Paul McClenaghan, CEO of Victoria Plum, said: “We have an ambitious growth strategy, highly capable people throughout the company and a collective determination to further accelerate our rate of expansion. These latest record results validate our approach and provide us with the platform to progress our plans at pace.
“Elements of our results have benefitted from the speeding up of the structural shift to online retail throughout 2020. However, we were constantly evolving Victoria Plum as a pure play online retailer long before last year’s events happened and will continue to do so.”
“We are confident that we will continue to grow at speed. Our market fundamentals are strong, we have the necessary scalable infrastructure in place and a clearly differentiated design and installation service that is experiencing rapidly increasing demand.
“In addition, the constant stream of valuable data and consumer insights we access and interpret enables us to quickly adapt our product offer to meet customers’ needs, keeping us ahead of the game.
“All this means we are ideally positioned to make Victoria Plum the most differentiated, most trusted and most respected bathroom provider.”
Victoria Plum was acquired by private equity fund Endless from TPG Capital, 18 months ago.
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