Leyland, Lancashire-based bathroom retailer Victorian Plumbing Group plc said its revenue rose 6% to £152.7 million in the six months ended March 31, 2025, and adjusted profit before tax increased 3% to £11.8 million.
The first-half results also included an update that Victorian Plumbing will “re-invent” the MFI brand to facilitate its launch into the UK Homewares market in the first half of FY26.
On current trading and outlook, the company said: “Momentum in Q2 further improved in April with double digit revenue growth during the month.
“Looking forward, the rate of growth in revenue is expected to reduce from mid-May as the Group laps the acquisition of Victoria Plum, such that revenue growth is expected to be between 4% and 6% by the end of the financial year …
“Taking into account the MFI set-up and launch costs, full year adjusted PBT (profit before tax) is expected to be between £21m and £22m.”
Victorian Plumbing shares fell as much as 16%.
“We are excited to reveal our re-invention of the MFI brand, which will formally launch in H1 FY26,” wrote CEO Mark Radcliffe.
“The MFI brand and domain was initially obtained in May 2024 as part of the acquisition of AHK Designs Limited trading as Victoria Plum, in line with our capital allocation approach for opportunistic M&A, and will enable us to scale-up our presence in the broader UK Homewares market.
“MFI will operate from two warehouses vacated by Victorian Plumbing in Skelmersdale, Lancashire. MFI is run by a dedicated and experienced management team and will leverage the existing infrastructure and central services of the wider group.”
Radcliffe added: “We are fully operational in our new purpose built warehouse and have continued to improve our customer proposition, while expanding product range into other rooms within the home and taking significant market share gains in a subdued trading backdrop.
“I am very excited about the upcoming re-invention of MFI, allowing us to tap in to more of the £20bn UK Homewares market. Our dedicated and ambitious team, decades of e-commerce knowledge and best-in-class proprietary software, together with the recognisable MFI brand, will help to deliver our strategic ambition over the medium-term.
“Victorian Plumbing has always taken an opportunistic and entrepreneurial approach; alongside this we have built a business that invests in the future, has solid financial foundations and is committed to delivering long-term value to all shareholders, as epitomised by our enhanced capital allocation policy and increased interim dividend.”