Victorian Plumbing Group (VIC) Trading Update summary

Financial performance and trading update

• Revenue for FY24 rose by approximately 4%, with like-for-like revenue down 1% excluding the Victoria Plum acquisition.

• Adjusted EBITDA is expected to align with market expectations.

• Order volume grew 10% year-on-year, reaching a record 1,021,000 orders delivered.

• Gross margin improved by 300bps to 50%, offsetting a 5% reduction in average order value.

Strategic developments and operations

• Acquisition of Victoria Plum contributed £15m in revenue but incurred a £2m adjusted EBITDA loss since May 2024.

• Decision made to close Victoria Plum operations and Doncaster site by 31 December 2024.

• New 544,000 sq ft semi-automated distribution centre in Leyland is operational, handling over half of daily orders.

• All orders expected to be dispatched from the new centre by year-end.

Business strategy and outlook

• Continued shift in customer preference toward own brand products, driving higher margins.

• Investment in people, technology, and operations supports strategic growth plans.

• Closure of Victoria Plum expected to accelerate growth and enable further brand and marketing investment.

• Management remains confident in the profitable growth strategy and long-term value creation.