After floating on AIM in June 2021 at 262p with an £850 million valuation, the biggest debut market cap the junior exchange has ever seen, shares in online specialist bathroom retailer Victorian Plumbing (VIC:AIM) almost disappeared down the plughole.

They sank as low as 34p by early October 2022 amid inflation-induced margin pressures and more subdued demand post-Covid lockdowns, with sales and pre-tax profits declining in a difficult first half to March 2022.

Yet the stock has since rallied 120% to 75p after the online taps, toilets and basins seller’s upgraded guidance in a positive trading statement (6 Oct) highlighted gross margin improvement, with results (6 Dec) for the year beating downgraded estimates following a second half return to growth.

CEO Mark Radcliffe delivered news of ‘a strong start’ to its new financial year, particularly in margins, and Victorian Plumbing dismissed fears that supply chain constraints might derail its turnaround.

Thanks to a bumper year-end cash position of £45.5 million, the retailer hit the dividend trail by proposing a maiden ordinary final payout of 1.1p and an additional special dividend of 1.7p.

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