Pimlico Plumbers flush with cash despite pandemic pressure
Pimlico Plumbers has defied the potential impact of coronavirus on its books and increased its pre-tax profits in its latest financial year.
The central London-based company achieved turnover of £43.27m for the 12 months to 31 May 2020. This is compared to £44.84m reached during its previous financial year.
Pimlico Plumbers said the drop in yearly turnover was because of the first national lockdown in April and May, when revenue dipped by around £2m.
The business maintained similar levels of profit for its 2019-20 financial year. Pre-tax profit rose to £4.95m, up from £4.7m in 2019, with profit after tax £3.85m, down slightly from £3.86m the year before.
Charlie Mullins OBE, founder and chairman of Pimlico Plumbers, said: “Reaching numbers close to 2019’s results, based on the state of the economy and the restrictions and lockdowns we have had to deal with, is quite an achievement.
“We were on course for our best year ever, but rather than dwell on the ‘if’s and maybes’, we should actually hold up this year as proof that fleet of foot entrepreneurial businesses can overcome big challenges.”
With safety measures in place London’s most famous plumbing business was able to continue trading as an essential service throughout the year, and as a result since 23 March the company has completed more than 200,000 home visits.
Its head office, which contains a large call handling centre, accounting and customer services function, remained open throughout the lockdown with staff provided with free food and refreshments, free parking and a bonus scheme for those who worked from the office.
Just this month the company set a new record for most home visits on a Monday, recording 600 compared to 500 set in March 2018.
Yesterday Mullins told City PM he considers Brexit a bigger threat than coronavirus, saying he would taking another pandemic over Brexit “any time”.
“No one asked for Covid or thought it was a good idea, it just happened,” he added, “the same cannot be said for Brexit and I think the outrageous handling of the UK’s departure from the EU is what will finally give Boris the boot out of Number 10, rather than his mismanagement of the pandemic.”