Victorian Plumbing Group (VIC) H1 2026 earnings summary

Executive summary

• Achieved record half-year revenue of £168.8m, up 11% year-on-year, with strong growth in tiles, flooring, and MFI homewares, and continued market share gains.

• Enhanced operational efficiency through automation, AI, and the acquisition of Sovereign Transport Services, strengthening logistics and fulfillment.

• Brand awareness increased to 73% through disciplined marketing investment and major sports sponsorships.

• CEO succession completed and strategic growth initiatives advanced, including semi-automation in warehousing.

• Strong cash generation and disciplined capital allocation support ongoing growth and shareholder returns.

Financial highlights

• Group revenue rose 11% year-on-year to £168.8m; order volumes up 12% to 609,000 in H1.

• Adjusted EBITDA increased 12% to £17m; margin stable at 10%.

• Adjusted PBT declined to £11.2m (margin 7%) due to higher depreciation and finance costs from infrastructure investment.

• Free cash flow of £12.9m in H1; cash conversion at 84%.

• Interim dividend increased 6% to 0.74p per share.

Outlook and guidance

• Mid-single-digit revenue growth in early H2 despite subdued consumer sentiment.

• Full-year revenue and adjusted PBT expected in line with market expectations, with H2 typically stronger.

• Vigilant to inflationary pressures, especially from imports and energy.