Victorian Plumbing Reports Strong Half-Year Results, Plans Homewares Launch Under MFI Brand

Victorian Plumbing Reports Strong Half-Year Results, Plans Homewares Launch Under MFI Brand

UK: Victorian Plumbing Group has reported growth in its half-year results, with revenue rising by 6% to GBP 152.7 million (approximately EUR 178 million). The increase follows a 9% year-on-year rise in second-quarter sales, supported by warehouse upgrades completed in December 2024. Gross profit rose by 6% to GBP 76.6 million (EUR 89.3 million), while adjusted EBITDA grew by 15% to GBP 15.2 million (EUR 17.7 million). However, depreciation and net finance costs rose to GBP 4.1 million (EUR 4.8 million), up from GBP 3.4 million (EUR 4 million) in the same period last year, reflecting the impact of a new warehouse lease and depreciation of a right-of-use asset. Total bathroom orders increased by 10% to 542,000, though a shift towards own-brand products, accounting for 81% of revenue, led to a 4% decline in average order value to GBP 282 (EUR 329). 

Trade revenue increased by 12% to GBP 36.1 million (EUR 42.1 million), now representing 24% of total revenue. Initiatives aimed at professional customers included the introduction of third-party trade credit and an extension of the next-day delivery cut-off time. Tiles and decor revenue rose by 36% to GBP 7.6 million (EUR 8.9 million), representing 5% of total half-year revenue, supported by a free tile sample delivery service. The Group plans to launch into the homewares market under the MFI brand in the first half of 2026, following its acquisition as part of the Victoria Plum deal. Full-year adjusted profit before tax is expected to be between GBP 21 million and GBP 22 million (EUR 24.5 million–EUR 25.7 million). Looking ahead, the Group anticipates revenue growth to slow to between 4% and 6% by the end of the 2025 financial year, as it integrates the Victoria Plum acquisition.  Source: KBN