Victorian Plumbing Group (LSE:VIC) expects full‑year revenue and adjusted profit before tax (PBT) to be in line with current market expectations after reporting results for the six months ending March 31, 2026 versus the corresponding period last year.
Retail revenue (excluding MFI) rose 9.2% to £166.7m (H1 2025: £152.7m), driven by record order volumes of 609,000 (up 12%) while average order value fell 3% to £274 due to a higher mix of tiles and flooring-only orders, reinforcing Victorian Plumbing's position as the UK's leading bathroom retailer.
Adjusted EBITDA excluding MFI increased 11.8% to £17m (H1 2025: £15.2m) while Group adjusted EBITDA was £15.4m with margin down to 9.1% (H1 2025: 10.0%); operating profit rose 44.1% to £9.8m and adjusted PBT fell 20.3% to £9.4m, with adjusted diluted EPS at 2.3p (H1 2025: 2.8p).
Free cash flow was in line with last year at £12.9m, operating cash conversion was 84% and closing net cash stood at £21.2m (H1 2025: £10.9m), while the interim ordinary dividend was raised to 0.74p per share (H1 2025: 0.70p).
Tiles and flooring revenue jumped 84% to £14m, representing 8% of retail revenue, trade revenue grew 8% to £39m (23% of revenue) and MFI expanded its range to over 5,500 SKUs generating £0.5m of H1 revenue.
Operating profit benefited from the absence of the prior‑year non‑recurring exceptional costs linked to the warehouse transformation and the Victoria Plum acquisition and closure, while adjusted PBT reflected planned investment in MFI and a full six months of expense for the new 20‑year distribution centre lease.
"As a highly cash generative business with a strong balance sheet, we remain focussed on investing for long‑term profitable growth and on increasing returns to shareholders," Stephnie Judge, Chief Executive Officer, said.
