Business
Half-year Results
Victorian Plumbing Group PLC reported a 10.5% increase in revenue to £168.8 million for the six months ended 31 March 2026, driven by a 12% rise in order volume to 609,000, though the average order value decreased by 3% to £274. Adjusted EBITDA remained stable at £15.4 million, while adjusted profit before tax fell by 20.3% to £9.4 million, reflecting strategic investments in the MFI brand and a new distribution centre lease. The company maintained a strong net cash position of £21.2 million and declared an interim dividend of 0.74 pence per share, a 5.7% increase. The outlook for the full year anticipates revenue and adjusted PBT in line with market expectations despite subdued consumer sentiment. Disclaimer*
About this update from Victorian Plumbing Group Plc
[{"type":"text","content":"\n\n \n\n19 May 2026\nVictorian Plumbing Group PLC\nHALF YEAR RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2026\nDouble digit growth in H1 with notable strength in tiles and flooring revenue\nVictorian Plumbing Group plc (the \"Group\"), the UK's leading bathroom retailer1, announces its results for the six months ended 31 March 2026 (\"H1 2026\" or \"the period\"), highlighting significant progress made against its strategic priorities.\n\n\n\n\nGROUP\n\n\nH1 2026\n\n\nH1 2025\n\n\nChange\n\n\n\n\nRevenue\n\n\n£168.8m\n\n\n£152.7m\n\n\n10.5%\n\n\n\n\nGross profit2\n\n\n£83.9m\n\n\n£76.6m\n\n\n9.5%\n\n\n\n\nGross profit margin3\n\n\n49.7%\n\n\n50.2%\n\n\n (0.5ppt)\n\n\n\n\nAdjusted EBITDA4\n\n\n£15.4m\n\n\n£15.2m\n\n\n1.3%\n\n\n\n\nAdjusted EBITDA margin5\n\n\n9.1%\n\n\n10.0%\n\n\n(0.9ppt)\n\n\n\n\nOperating profit\n\n\n£9.8m\n\n\n£6.8m\n\n\n44.1%\n\n\n\n\nAdjusted PBT6\n\n\n£9.4m\n\n\n£11.8m\n\n\n (20.3%)\n\n\n\n\nOperating cash conversion7\n\n\n84%\n\n\n88%\n\n\n(4ppt)\n\n\n\n\nFree cash flow8\n\n\n£12.9m\n\n\n£12.9m\n\n\nn.c.\n\n\n\n\nNet cash\n\n\n£21.2m\n\n\n£10.9m\n\n\n94.5%\n\n\n\n\nAdjusted diluted EPS9\n\n\n2.3p\n\n\n2.8p\n\n\n(17.9%)\n\n\n\n\nInterim ordinary dividend per share\n\n\n0.74p\n\n\n0.70p\n\n\n5.7%\n\n\n\n\n \nFinancial highlights\n· Retail revenue10 (excluding MFI) growth of 9.2% to £166.7m (H1 2025: £152.7m); outperforming the wider RMI market11 and reflecting ongoing market share gains.\no Order volume grew 12% to a record 609,000 orders (H1 2025: 542,000).\no Average order value (\"AOV\")12 decreased by 3% to £274 (H1 2025: £282), as a result of an increase in tiles and flooring only orders.\n \n· Gross profit (excluding MFI) increased 9.3% to £83.7m (H1 2025: £76.6m).\no Gross profit margin (excluding MFI) maintained at 50.2% (H1 2025: 50.2%) through disciplined cost management, despite the introduction of Extended Producer Responsibility tax from 1 April 2025 and a change in product category mix.\n \n· Adjusted EBITDA (excluding MFI) increased 11.8% to £17.0m (H1 2025: £15.2m) due to improved marketing efficiency.\no Including MFI, Group adjusted EBITDA maintained at £15.4m, (H1 2025: £15.2m) with Group adjusted EBITDA margin decreasing to 9.1% (H1 2025: 10.0%) due to the planned strategic investment i...