Victorian Plumbing Group plc (“Victorian Plumbing”) is the UK market leader in bathroom furniture and accessories with 21.5% market share in 2024. Offering an extensive range of over 150 brands and 36,000 products across all price points, the group sells online to both consumers and trade customers (24% of FY25 revenues). Having successfully extended into the adjacent category of tiles and flooring, the group entered the complementary homewares and furniture category in 2025 under the MFI brand.

13 Oct 2026

Multi-category growth ahead of expectations

FY26 revenue rose 11% to c.£344m, c.4% ahead of our and consensus estimates, with growth of c.11.4% in H2 following 10.5% in H1. A 13% increase in orders offset a 5% decline in AOV, and the group won market share across bathrooms, tiles and flooring.

The relaunch of MFI in homewares has gone well, with revenues of £3m against our £1.5m estimate and c.8,000 products now available. Losses of c.£4m were c.£1m above plan, driven by higher marketing costs, but remain well controlled.

FY26 Adj. PBT of c.£22m is c.1% ahead of estimates, and we raise our Adj. PBT forecasts by c.3.5% for FY27E and FY28E. Net financial cash of c.£25m supports our outlook, although we remain mindful of the potential for rising inflation and interest rates.

At 82p, shares trade on under 8x cal 2027 EV/EBITDA and c.14x cal 2027 PER, at a discount to our Fair Value of 110p per share, which is equivalent to a c.6% cal 2027 FCF yield.

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