Shares take a bath
Shares in an online retailer of bathroom products covered here have tumbled since listing earlier in the year. We consider whether they might now be good value. Elsewhere, there were excellent results from an energy services group and another upgrade for one of our Stonking Small cap opportunities. (Free to read)
Victorian Plumbing: shares sink Full year results from Victorian Plumbing (AIM:VIC), the online specialist bathroom retailer, were pretty good, but a subdued outlook and earnings downgrade saw the shares of this highly rated business tumble. For the year ending 30 September 2021 revenue rose 29% to £268.8m, with gross profit 42% higher at £130.5m, representing a gross margin of 49%. Adjusted operating profit rose 55% to £37.1m with the operating cash inflow £32.6m. After accounting for £9.4m of exceptional costs relating to the IPO in June 2021 and share-based payments of £7.7m, reported profit before tax was 17% lower at…