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.

19 May 2026

Strategic growth and considerable potential

Victorian Plumbing’s strong underlying H126 results are further evidence of the success of its market-leading, profitable and cashflow generative business.

H126 Adj. EBITDA rose 11.8% to £17m, excluding the £1.8m planned strategic investment in homewares under the MFI brand. Underlying FCF from operations was stable at a robust £12.9m in H126 (84% conversion), allowing for the planned strategic investment into the £21bn homewares segment.

Reflecting continued confidence in the group, the Board has declared a 5.7% increase in the interim dividend to 0.74p.

Trading on only c.7.5x cal 2027 EV/EBITDA and c.13.5x cal 2027 PER, its shares today are well below our 110p Fair Value per share (equivalent to a c.5% cal 2027 FCF yield).

Download as a PDF file

Return to Victorian Plumbing

Register to be first

Get research on the companies that interest you straight to your inbox

Equity Development is a partner to successful companies looking to enhance their investor relations. Our top-rated analysts produce best in class investment research. Based in London, UK, we help our clients connect with investors via presentations and interviews.

Equity Development Limited 3rd Floor, 80 Cheapside, London, EC2V 6EE

Website design & development by Breckenridge