The founder of Victorian Plumbing has said he has "confidence and real excitement" in its future prospects after the brand rallied during the second half of its financial year.
The Skelmersdale-headquartered company reported declining revenue and pre-tax profits for the first half of its year as the cost of living crisis started to bite.
However, newly-filed figures with the London Stock Exchange have revealed the business returned to growth during the following six months.
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Overall, for the 12 months to September 30, 2022, Victorian Plumbing has reported a revenue of £269.4m, up from £268.8m, and pre-tax profits of £11.8m, down from £19.7m.
For the first half, it had reported a revenue of £133.9m, down from the £140.7m, and pre-tax profits of £2.7m, down from £14.5m.
Founder and chief executive Mark Radcliffe said: "Following a tough first half of the financial year, we have returned to growth in the second half, increasing our market share and establishing our position as the UK's No.1 bathroom retailer.
"Our distinctive brand and extensive choice of quality bathroom products - including quality own-brand ranges and an unrivalled suite of third-party options - remain compelling drivers in attracting consumers to Victorian Plumbing, whilst the strength of our supply chain and our strategic investment in inventory means that the majority of our products have high availability.
"As a highly cash generative business with a strong balance sheet and growing momentum through 2022 and into 2023, we see the macro operating and economic environment as an opportunity to further strengthen our market position and we enter the new financial year as the UK's No. 1 bathroom retailer with confidence and real excitement in our plans for further progress."
On its current trading and outlook the group added that it has had a "strong start" to its new financial year with its revenue growing by 10% to date.
It added: "We are conscious of the current macroeconomic conditions and will continue to monitor consumer behaviour and tailor our pricing and marketing approach accordingly.
"We continue to focus on our long-term goals and are making good progress on all of our strategic growth areas.
"Underpinned by our market share gains we are confident in the future growth prospects of the group."
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