Full Year Trading Update and Notice of Results

In brief · summary, not quotable

Victorian Plumbing Group reported that its FY25 group revenue increased by approximately 5% to £310 million, compared to £295.7 million in FY24. Order volumes grew by 6% to a record 1,080,000, while the average order value remained steady at £287. Trade revenue increased by approximately 10% to £74 million, contributing about 24% of the group's revenue. Tiles & décor revenue surged by approximately 40% to £17 million, representing about 5% of the group's revenue. Adjusted EBITDA increased by approximately 17% to £31.8 million, and adjusted PBT is expected to be around £21.8 million. The preliminary results for FY25 will be published on December 3, 2025.

Full announcement

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Victorian Plumbing (AIM: VIC), the UK's leading bathroom retailer, today provides an update on trading for the financial year ended 30 September 2025 ("FY25").

Trading Update

Group revenue for FY25 is in line with market expectations, increasing by c.5% to c.£310m (FY24: £295.7m), despite a challenging macroeconomic environment, with the UK Home Improvements & DIY market declining by an estimated 3%1 over the same period. Our performance reflects continued market share gains, underpinned by the strength of our product range and availability.

Customer demand for Victorian Plumbing (excluding MFI) remained robust, with FY25 order volumes growing by 6% and a record 1,080,000 orders delivered in the year (FY24: 1,022,000). There was little variation in average order value, which stood at £287 (FY24: £289).

Strategic initiatives continued to deliver strong results, driven by our warehouse transformation, improved delivery speeds, and the introduction of free tile samples, with notable contributions from:

Trade revenue, which grew c.10% to c.£74m (FY24: £67m), now contributing c.24% of Group revenue (FY24: 23%)
Tiles & décor revenue, which surged c.40% to c.£17m (FY24: £12m), increasing to c.5% of Group revenue (FY24: 4%)

Adjusted EBITDA increased by c.17% to c.£31.8m (FY24: £27.2m), in line with the top end of market expectations, driven by revenue growth and improved marketing efficiency. Adjusted PBT is also in line with the top end of market expectations at c.£21.8m (FY24: £23.1m), whilst cash conversion remains strong.

MFI Update

We began taking orders via mfi.co.uk during the summer, following a soft launch of the reimagined brand in July. The response from customers has been very encouraging to date and we continue to build the product range ahead of its full launch in H1 2026. The Group's investment into MFI remains disciplined and in line with the guidance given at the interim results on 14 May 2025.

Notice of Preliminary Results

Preliminary results for FY25 will be published on 3 December 2025.

Mark Radcliffe, CEO of Victorian Plumbing, commented:

"I am pleased to report another solid financial and operational performance following an exciting twelve months for the Group. Our own brand proposition and availability of a wide range of high-quality bathroom products and accessories continue to resonate with our customers.

"Our new state of the art distribution centre continues to enable us to fulfil orders more efficiently and support our ambition to grow both our trade and expansion categories. We have also continued our strategic investment in the Victorian Plumbing brand and were pleased to soft launch the MFI brand in July. The feedback from customers has been positive and we look forward to growing the proposition and launching a broader range of products in H1 2026."

1 Barclays UK Consumer Spend Report

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