Victorian Plumbing has revealed the reasons why it remains confident over its future prospects despite the ongoing cost of living crisis.
The Skelmersdale-headquartered online specialist bathroom retailer said that despite the "challenging" operating and economic environment, it finished its latest financial year, the 12 months to September 30, "positively".
The company added that its revenue, earnings, and cash flow were all ahead of consensus market expectations.
READ MORE: Click here to sign up to the BusinessLive North West newsletter
The firm also confirmed its second-half revenue was up c.5% compared to the same period in the prior year.
It added that it experienced a "particularly strong" fourth quarter performance with revenue for the full year "broadly unchanged" from the previous financial year. Victorian Plumbing also said its revenue was c.78% up on the year before the Covid-19 pandemic.
The AIM-listed business also said the results establishes its position as the number one bathroom retailer in the UK.
A statement issued to the London Stock Exchange said: "At the same time, through a combination of carefully controlling prices and ongoing proactive management of the supply chain, gross margins have improved in H2 vs. H1 FY22.
"Victorian Plumbing continues to be highly cash generative and we will start the new financial year with in excess of £43m of net cash.
"We have maintained a strong inventory position in order to maximise availability and 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."
READ NEXT:
-
'Radical reforms' at cake decoration maker puts more jobs at risk
-
Liverpool hosting Eurovision would have 'huge economic impact' on city, experts say
-
Redundancies after Liverpool all you can eat buffet restaurant collapses
-
Matalan put up for sale as it hires former boss of New Look and The Range
-
Deal helps save jobs at Liverpool white goods repair firm as it exits administration
