The Victorian Plumbing Group Plc Board has declared an interim dividend of 0.74 pence per share (H1 2025: 0.70 pence per share), which represents a total cash distribution to shareholders of £2.4m (H1 2025: £2.3m). The dividend will be paid on 12 August 2026 to shareholders on the register of members at the close of business on 17 July 2026.
Other financial highlights include:
Retail revenue (excluding MFI) growth of 9.2% to £166.7m (H1 2025: £152.7m); outperforming the wider RMI market and reflecting ongoing market share gains.
o Order volume grew 12% to a record 609,000 orders (H1 2025: 542,000).
o Average order value ("AOV") decreased by 3% to £274 (H1 2025: £282), as a result of an increase in tiles and flooring only orders.
Gross profit (excluding MFI) increased 9.3% to £83.7m (H1 2025: £76.6m).
o Gross profit margin (excluding MFI) maintained at 50.2% (H1 2025: 50.2%) through disciplined cost management, despite the introduction of Extended Producer Responsibility tax from 1 April 2025 and a change in product category mix.
Adjusted EBITDA (excluding MFI) increased 11.8% to £17.0m (H1 2025: £15.2m) due to improved marketing efficiency.
o Including MFI, Group adjusted EBITDA maintained at £15.4m, (H1 2025: £15.2m) with Group adjusted EBITDA margin decreasing to 9.1% (H1 2025: 10.0%) due to the planned strategic investment in MFI.
Operating profit increased 44.1% to £9.8m (H1 2025: £6.8m) primarily reflecting the non-recurring 2025 exceptional items associated with the warehouse transformation and the acquisition and closure of Victoria Plum.
Adjusted PBT decreased 20.3% to £9.4m (H1 2025: £11.8m) with adjusted PBT margin13 of 5.6%, reflecting the planned investment in MFI and a full six months of expense in H1 2026 vs. just three months in H1 2025 associated with the 20-year lease on the new distribution centre ("DC"). Adjusted diluted EPS was 2.3p (H1 2025: 2.8p).
Free cash flow in line with prior year period at £12.9m (H1 2025: £12.9m) and operating cash conversion of 84% (H1 2025: 88%) reflecting continued strong working capital management, particularly during a period of investment in tiles and flooring and MFI.
Strong closing net cash position of £21.2m (H1 2025: £10.9m), with a robust and debt free balance sheet (excluding lease liabilities).
