Full-year revenues spark at Victorian Plumbing
By Abigail Townsend
Date: Wednesday 03 Dec 2025
(Sharecast News) - Online retailer Victorian Plumbing Group posted a jump in revenues on Wednesday, boosted by strong demand for its bathroom products.
Revenues in the year to 30 September rose 5% to £310m, while adjusted earnings before interest, tax, depreciation and amortisation surged 17% to £31.8m.
Order volumes strengthened 6% to 1.1m, which Victorian Plumbing said was a record.
However, the average order value eased 1% to £287, while adjusted pre-tax profits fell 6% to £21.8m, due to increased interest costs associated with the 20-year lease on its new distribution centre.
Mark Radcliffe, founder and chief executive, called it a "strong" performance.
He continued: "We have further strengthened our market share, reinforcing our position as the UK's number one bathroom retailer, while improving our marketing efficiency alongside our ever-increasing brand awareness."
Looking ahead, Victorian Plumbing said the current year had started positively, with continued revenue growth across all categories, in line with market expectations.
It added that homeware retailer MFI, which it is in the process of resurrecting, was continuing to build its product range ahead of a full launch later in the year. It currently expects the brand to incur a full-year loss of between £2.6m and £4.3m.
Victorian Plumbing acquired the defunct MFI brand when it brought Victoria Plum out of administration in 2024.
As at 0845 GMT, shares in the AIM-listed business were up 4% at 76p.
Shore Capital, which reiterated its 'buy' recommendation, said: "With a positive start to 2026 full-year trading, and good cost controls, the business looks well placed to continue to deliver profitable growth, supporting our view that 2025 will be a nadir for profits.
"While some uncertainty remains around the expansion into homeware through MFI, the strong performance of the core business does, in our view, buy management some latitude here."
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