Victorian Plumbing Plc: Strong H1, share gains continue and FY26 guidance reiterated.

研报英文原文证据摘录

Victorian Plumbing Plc: Strong H1, share gains continue and FY26 guidance reiterated.

Equity Research

UK Mid & Small Cap Leisure/Consumer

19 May 2026

Victorian Plumbing Plc

Strong H1, share gains continue

and FY26 guidance reiterated. UK Mid & Small Cap

H1 revenue growth strong, +9% organic with continued VIC.L/VIC LN OVERWEIGHT

volume growth, market share gains continue. Slowdown in Unchanged

UK Mid & Small Cap

H2 rev to date not a huge surprise, with MSD revenue growth Leisure/Consumer NEUTRAL

Unchanged

in first 6 wks of H2, but tracking ahead of BARC FY26E +5.3%, Price Target GBp 120

raised 4% from GBp 115and guidance reiterated. Forecasts unchanged, PT to 120p,

Overweight. Price (18-May-26) GBp 79

Potential Upside/Downside +52.9%

Source: Bloomberg, Barclays Research

H1 results strong (ex-MFI losses), confident on delivering FY26 in line with market

expectations: H1 revenue was +10.5% to £168.8m (or +9.2% ex haulage with the acquisition of Market Cap (GBP mn) 258

Sovereign) with total orders +12% YoY and AOV -3% YoY "as a result of an increase in tiles and Shares Outstanding (mn) 328.77

flooring only orders". Tiles and flooring revenue grew strongly again, +84% to £14m (8% of H1 Free Float (%) 41.46

revenue). This is encouraging for medium-term growth in tiles and flooring, but also the nascent 52 Wk Avg Daily Volume (mn) 0.4

investment in homewares via MFI. Whilst it is still very early days for MFI, the expansion into tiles Dividend Yield (%) 2.74

suggests that the company has the ability to attract consumers in different addressable markets Return on Equity TTM (%) 24.45

with its product offering/marketing, with much of the distribution infrastructure already in Current BVPS (GBp) 18

place. Gross profit margins (ex-MFI) were stable at 50.2%.