Victorian Plumbing Group (VIC) Trading Update summary

Financial performance

• Group revenue rose by approximately 5% to £310m, aligning with market expectations despite a 3% decline in the UK Home Improvements & DIY market.

• Order volumes increased by 6%, reaching a record 1,080,000 orders, with average order value stable at £287.

• Adjusted EBITDA grew by about 17% to £31.8m, and adjusted PBT was £21.8m, both at the top end of market expectations.

• Cash conversion remained strong throughout the year.

Strategic and operational highlights

• Trade revenue grew by around 10% to £74m, now making up 24% of group revenue.

• Tiles & décor revenue surged by 40% to £17m, increasing its share of group revenue to 5%.

• Warehouse transformation and improved delivery speeds contributed to operational efficiency.

• Free tile samples and expanded product range supported market share gains.

MFI brand update

• MFI soft-launched in July, with encouraging customer response and ongoing product range expansion ahead of a full launch in H1 2026.

• Investment in MFI remains disciplined and within previously provided guidance.