The Victorian Plumbing Group Plc Board is recommending a full year final ordinary dividend of 1.45 pence per share (2024: 1.09 pence per share). This would represent dividend cover for 2025 of 2.5x (2024: 3.3x).
If approved, this would result in a total cash distribution to shareholders of £7.2m (£2.3m interim paid and £4.9m final to be paid) (2024: total cash distribution to shareholders £5.2m), subject to shareholders' approval at the AGM on 25 February 2026. The final dividend will be paid on 4 March 2026 to shareholders on the register of members at the close of business on 6 February 2026.
Other financial highlights include:
Revenue growth of 5% to £310.0m (2024: £295.7m); outperforming the wider RMI market and reflecting ongoing market share gains.
o Order volume grew 6% to a record 1.1m orders (2024: 1.0m). Average order value ("AOV")11decreased by 1% overall to £287 (2024: £290) but was up 3% in H2 2025 versus H1 2025.
Gross profit increased 4% to £153.2m (2024: £147.8m).
o Gross profit margin of 49.4% (2024: 50.0%), reflecting the introduction of Extended Producer Responsibility tax from 1 April 2025 and a change in product category and channel mix across the year.
Adjusted EBITDA up 17% to £31.8m (2024: £27.2m) with adjusted EBITDA margin progression to 10% (2024: 9%) driven by growth and more efficient marketing.
Operating profit increased 61% to £18.0m (2024: £11.2m) driven by the non-recurrence of 2024 exceptional items associated with the warehouse transformation and the acquisition of Victoria Plum.
Adjusted PBT of £21.8m decreased by 6% (2024: £23.1m) with adjusted PBT margin reducing from 8% last year to 7% in 2025, reflective of the increased interest expense associated with the 20-year lease on the new distribution centre ("DC"). Adjusted diluted EPS of 5.4p, reflects a 2% increase.
Free cash flow of £24.0m up 29% (2024: £18.6m) and operating cash conversion of 77% (2024: 68%) reflective of strong working capital management, which is especially impressive during a period of operational transformation.
Strong closing net cash position of £17.7m (2024: £11.2m), with our robust debt free balance sheet.
