Victorian Plumbing Group (VIC) Q4 2026 TU earnings summary

Executive summary

• FY26 delivered record revenue of c.£344m, c.11% growth, further market-share gains and adjusted PBT ahead of market expectations.

• Momentum continued through H2 despite a challenging consumer backdrop; confidence in sustainable long-term growth was supported by a strong balance sheet and cash-generative model.

Financial highlights

• Revenue rose c.11% to c.£344m from £310.0m in FY25; growth was driven by c.13% more orders, partly offset by a c.5% lower average order value.

• Adjusted PBT expected at c.£22m vs £21.8m in FY25; this included c.£26m profit from the core business and a c.£4m MFI loss.

• Year-end cash was c.£25m vs £17.7m in FY25, with healthy operating cash conversion.

Outlook and guidance

• Adjusted PBT is expected to exceed market expectations; analyst consensus was £21.7m, while revenue consensus was £328.4m.

• Continued business momentum, a strong balance sheet and cash generation underpin confidence in sustainable long-term growth.

• FY26 preliminary results scheduled for 8 December 2026.