Victorian Plumbing Group (VIC) H2 2025 earnings summary

Executive summary

• Achieved record revenue of £310.0m for FY2025, up 5% year-over-year, maintaining leadership in the UK bathroom retail market.

• Trade revenue grew 10% to £73.8m, now 24% of total revenue; tiles & flooring revenue surged 42% to £17.6m.

• Completed transition to new warehouse infrastructure, enhancing customer proposition and delivery capabilities.

• Launched MFI in July 2025, entering the £21bn UK homewares market.

Financial highlights

• Group revenue rose 5% to £310.0m; adjusted EBITDA increased 17% to £31.8m, with margin up 1ppt to 10%.

• Adjusted PBT was £21.8m, up 6% year-over-year; adjusted diluted EPS grew 2% to 5.4p.

• Gross profit margin slightly decreased by 1ppt to 49%.

• Free cash flow reached £24.0m, with operating cash conversion at 77%.

• Closing cash position improved to £17.7m from £11.2m in 2024.

Outlook and guidance

• Positive start to FY2026 with continued revenue growth across all categories, in line with market expectations.

• MFI expected to incur a loss of £2.6m–£3.4m in FY2026 as it builds product range ahead of full launch.

• Confident in future prospects despite a volatile consumer and economic backdrop.