Victorian Plumbing has posted double-digit sales growth in its first half, as it benefited from strong order volumes and rapid expansion in tiles and flooring.
The group reported a 10.5 per cent rise in revenue to £168.8m for the six months to 31 March 2026, up from £152.7m a year earlier.
Retail revenue, excluding MFI, climbed 9.2 per cent to £166.7m, which Victorian Plumbing said reflected continued market share gains and outperformance against the wider repair, maintenance and improvement market.
Order volumes rose 12 per cent to a record 609,000, although average order value slipped 3 per cent to £274 due to a higher number of tiles and flooring-only orders.
Tiles and flooring was the standout category, with revenue up 84 per cent to £14m. The category now accounts for eight per cent of group revenue, compared with five per cent last year.
Trade revenue also increased eight per cent to £39m, representing 23 per cent of revenue, as the retailer expanded its trade proposition and extended its next-day delivery cut-off to 5pm.
Gross profit rose 9.5 per cent to £83.9m, while operating profit jumped 44.1 per cent to £9.8m, partly reflecting the impact of non-recurring costs last year linked to its warehouse transformation and the acquisition and closure of Victoria Plum.
However, adjusted pre-tax profit fell 20.3 per cent to £9.4m, reflecting planned investment in MFI and a full six months of expenses linked to its new distribution centre lease.
Adjusted EBITDA edged up 1.3 per cent to £15.4m, while the group’s adjusted EBITDA margin narrowed to 9.1 per cent from 10 per cent.
Victorian Plumbing said the margin reduction was driven by strategic investment in MFI, which was relaunched in July 2025 with an initial 600 products.
The MFI range was expanded to more than 5,500 SKUs during the half, across multiple homeware categories. The business generated £0.5m of revenue in the period, with the group describing customer response as “very encouraging”.
The retailer also said marketing efficiency had improved, with marketing spend falling to 28 per cent of Victorian Plumbing retail revenue, down from 28.8 per cent a year earlier.
Brand awareness edged up to 73 per cent, while the business ended the period with net cash of £21.2m, almost double the £10.9m reported last year.
Victorian Plumbing also increased its interim ordinary dividend by 5.7 per cent to 0.74p per share.
Chief executive Stephnie Judge said: “In delivering my first set of interim results as CEO, I am pleased to report a strong first half performance, with the group achieving double digit revenue growth and continuing to deliver on its strategic growth ambitions.”
She added that the company had strengthened market share, reinforced its position as the UK’s number one bathroom retailer, improved marketing efficiency and grown brand awareness.
It acquired Merseyside-based transportation services business Sovereign Transport Services in January for £2.3m net of cash acquired, in a move designed to give it greater control over fulfilment and support medium-term transport efficiencies.
Looking ahead, Victorian Plumbing said it had delivered mid-single digit revenue growth in the first six weeks of its second half, despite subdued consumer sentiment linked to the Middle East conflict and pressure on discretionary spending.
The group said it expects full-year revenue and adjusted pre-tax profit to be in line with current market expectations.
Judge said: “As a highly cash generative business with a strong balance sheet, we remain focused on investing for long-term profitable growth and on increasing returns to shareholders.”
She added that, despite persistent macroeconomic uncertainty, the group remained on track to deliver record full-year revenue and profit expectations.
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