Victorian Plumbing bathes in shareholder approval

CONSUMER spending worries were put to one side today as surprise updates triggered a rush to buy shares in Victorian Plumbing and energy efficiency stock Volution.

The online bathroom retailer disclosed a 5% rise in half-year revenues and improved margin trends during a stronger-than-expected finish to its financial year.

AIM-listed Victorian has lost almost two-thirds of its value this year, but rallied 12% or 4.4p to 40p after the better-than-expected update by the Skelmersdale-based company.

FTSE 250-listed building ventilation business Volution also impressed investors after its full-year numbers beat expectations and it highlighted further progress over recent weeks as attention turns to keeping homes warm this winter.

Volution said the energy crisis had focused customers’ minds on the importance of heat recovery ventilation systems, which now account for more than 30% of its revenues.

As well as a desire to cut heating bills, it has benefited from tighter regulations on carbon reduction in buildings and the greater post-Covid awareness of air quality to health.

Volution shares have fallen by a third this year amid a de-rating for the wider building materials sector, but rallied 11% or 33.5p to 340p today after the company reported a 14.5% rise in annual adjusted profits to £60.9 million.

Its shares led the FTSE 250 index, which stood 56.14 points higher at 17,618.90.

In the FTSE 100 index, shares in electrical components supplier RS Group lifted 2% or 19p to 1025p as it said fullyear revenue and profit were slightly ahead of expectations.

Drinks giant Diageo also reassured on current trading in an AGM update, but shares in the Guinness and Smirnoff firm still fell back 11p to 3770.5p. The overall blue-chip index stood close to its opening mark at 7043.66, a fall of 8.96 points.

In contrast to Victorian Plumbing, shares in online car retailer Motorpoint slumped 13% after it revealed a 9% fall in volumes for September.

The company said “adverse economic news flow and political uncertainty” was partly to blame for the decline, having recorded a 30% rise in revenues to £785 million across the six months to the end of last month. Shares dropped 24.15p to 154.35p.