Business
HALF YEAR RESULTS
HALF YEAR RESULTS.
About this update from Victorian Plumbing Group Plc
[{"type":"text","content":"\n\n\n \nVictorian Plumbing Group PLC\nHALF year results for the SIX MONTHS ENDED 31 mARCH 2025\nContinuing to grow market share | New infrastructure facilitating category expansion | Imminent MFI launch\nVictorian Plumbing Group plc (\"Victorian Plumbing\", the \"Group\"), the UK's leading bathroom retailer(1), announces its half year results for the six months ended 31 March 2025 (\"H1 2025\", \"the period\"), highlighting the significant progress made against strategic priorities.\n\n\n\n\n \n\n\nH1 2025\n\n\nH1 2024\n\n\nChange\n\n\n\n\nRevenue\n\n\n£152.7m\n\n\n£144.6m\n\n\n6%\n\n\n\n\nGross profit(2)\n\n\n£76.6m\n\n\n£72.3m\n\n\n6%\n\n\n\n\nGross profit margin(3)\n\n\n50%\n\n\n50%\n\n\n0%pt\n\n\n\n\nAdjusted EBITDA(4)\n\n\n£15.2m\n\n\n£13.2m\n\n\n15%\n\n\n\n\nAdjusted EBITDA margin(5)\n\n\n10%\n\n\n9%\n\n\n1%pt\n\n\n\n\nAdjusted PBT(6)\n\n\n£11.8m\n\n\n£11.5m\n\n\n3%\n\n\n\n\nAdjusted PBT margin(7)\n\n\n8%\n\n\n8%\n\n\n0%pt\n\n\n\n\nOperating cash conversion(8)\n\n\n88%\n\n\n65%\n\n\n23%pts\n\n\n\n\nFree cash flow(9)\n\n\n£12.9m\n\n\n£8.6m\n\n\n50%\n\n\n\n\nAdjusted diluted EPS(10)\n\n\n2.8p\n\n\n2.7p\n\n\n4%\n\n\n\n\nInterim dividend\n\n\n0.70p\n\n\n0.52p\n\n\n35%\n\n\n\n\n \nFinancial highlights\n\n\n\n\n· \n\n\nH1 2025 revenue growth of 6% to £152.7m (H1 2024: £144.6m), boosted by revenue growth of 9% (or £6.5m) in Q2, following completion of the warehouse transformation in December 2024.\n\n\n\n\n· \n\n\nAdjusted EBITDA increased by 15% to £15.2m (H1 2024: £13.2m); adjusted EBITDA margin increased 1%pt to 10% (H1 2024: 9%).\n\n\n\n\n· \n\n\nDepreciation and net finance costs increased to £4.1m (H1 2024: £3.4m) reflecting the depreciation of the right-of-use asset and the finance cost on the new warehouse lease arrangement, together with lower interest received following significant capex and M&A activity in H2 2024.\n\n\n\n\n· \n\n\nAdjusted PBT increased 3% to £11.8m (H1 2024: £11.5m); adjusted PBT margin stable at 8% (H1 2024: 8%).\n\n\n\n\n· \n\n\nOperating cash conversion strong at 88% (H1 2024: 65%), free cash flow up 50% to £12.9m (H1 2024: £8.6m).\n\n\n\n\n· \n\n\nInterim dividend of 0.70p per share (H1 2024: 0.52p per sha...