Online bathroom retailer lifts revenue to £310m with strong gains in trade, tiles and flooring, and positive early signs from its soft-launch of MFI.
Victorian Plumbing has reported another year of growth as the online bathroom giant posted what it believes to be record revenues.
The online retailer also saw stronger trade sales and a sharp rise in its tiles and flooring category during the 12 months to 30 September 2025.
Group revenue rose 5% to £310 million and order volumes hit a record 1.1 million – up 6% year on year – while average order values (AOV) dipped 1% to £287, although the business noted a 3% uplift in AOV in the second half.
Gross profit grew 4% to £153.2m. Margin came in at 49.4%, slightly lower than last year, which the retailer attributed to the new Extended Producer Responsibility tax introduced in April and shifts in category and channel mix.
Adjusted EBITDA rose 17% to £31.8m with margin nudging up to 10%, driven largely by “more efficient marketing”.
Operating profit jumped 61% to £18m following the non-recurrence of exceptional items linked to last year’s warehouse transformation and the acquisition of Victoria Plum.
A major theme in this year’s results is the ramp-up in certain growth areas. Trade revenue was up 10% to £73.8m, now representing almost a quarter of group turnover. The company said improvements to its delivery offering – enabled by its expanded logistics operation – played a key role in pulling more trade customers toward the brand.
Tiles and flooring, one of its newer expansion categories, delivered a 42% jump to £17.6m. Combined with the uplift in own-brand mix (now 81% of total revenue), Victorian Plumbing continues to push deeper into adjacent product areas.
One of the most closely watched developments was the soft relaunch of MFI, with orders being taken from July. The company says the early signs appear positive, with an “Excellent” Trustpilot score of 4.7.
Commenting on the results, founder and CEO Mark Radcliffe, said: “I am proud of the Group’s strong performance in 2025, in which we achieved record revenues and continued to deliver on our strategic growth ambitions.
“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.
“As a highly cash generative business with a strong balance sheet, we continue to invest for long-term profitable growth and to increase our returns to shareholders. We are confident that Victorian Plumbing’s strategy will continue to deliver long-term value to all stakeholders.”
Victorian Plumbing says the new financial year has started positively, with revenue growth continuing across all categories and trading in line with expectations. MFI is set for a full launch in 2026, although the business still expects it to post a loss of £2.6m–£3.4m this year as product ranges build out.
Despite what it calls a “volatile consumer and economic backdrop”, the company is confident its operational improvements and market-share gains leave it well placed for future growth.