Online plumbing retailer Plumbworld has reported a 30% growth in sales from £47.4 million to £61.5m for the year to December 2020.
What happened
Plumbworld, which claims to be the second largest online plumbing retailers, also said that operating profits (EBITDA) had risen by 171% to £3.8 million since its management buyout from The Grafton Group at the end of 2018.
Why it matters
The company added that the strong upward trend in sales was continuing into 2021, with Q1 sales already at almost £20m and profits topping £2.5m. It is predicting that sales will rise to £100m by 2022.
Commenting on the company’s financial performance, chief executive James Hickman said: “Home renovations have been a creative distraction for lots of us during lockdown and people are really loving their bathrooms, as a place to unwind or even as a quiet space for work calls and Zoom meetings.
“Since we’ve returned to private ownership, we’ve been able to operate a really tight ship and respond to customer and market demands quickly. We offer brilliant value for money, which is shown in our results.”
This news brief is based on reporting published by KBB Review on 2021-04-14. The original report is linked below.
KBB Review
https://www.kbbreview.com/36579/news/plumbworld-sales-up-30-as-it-targets-100m-by-2022/This independent news brief is based on the public source identified above. It is an original summary or translation, not a reproduction of the source article. Rights in source text, research, trademarks and images remain with their respective owners; images are used under the licence or permission identified in the credit. Rights holders may contact rights@goodproductasia.com with evidence of ownership. Verified concerns will be corrected, replaced or removed promptly. This report is not investment, legal, medical or purchasing advice.
