New Risk • May 24
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 55% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (14% average weekly change). Minor Risks High level of debt (55% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Significant insider selling over the past 3 months (€109k sold). Reported Earnings • May 21
First half 2026 earnings released: EPS: UK£0.021 (vs UK£0.019 in 1H 2025) First half 2026 results: EPS: UK£0.021 (up from UK£0.019 in 1H 2025). Revenue: UK£168.8m (up 11% from 1H 2025). Net income: UK£6.50m (up 12% from 1H 2025). Profit margin: 3.9% (up from 3.8% in 1H 2025). Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Specialty Retail industry in Germany. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 5% per year. Declared Dividend • May 21
First half dividend of UK£0.0074 announced Shareholders will receive a dividend of UK£0.0074. Ex-date: 16th July 2026 Payment date: 12th August 2026 Dividend yield will be 3.2%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is well covered by both earnings (34% earnings payout ratio) and cash flows (29% cash payout ratio). The dividend has increased by an average of 25% per year over the past 3 years. However, payments have been volatile during that time. EPS is expected to grow by 41% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Dec 05
Victorian Plumbing Group plc Recommends Final Dividend for the Year Ended 30 September, 2025, Payable on 4 March 2026 The board of Victorian Plumbing Group plc is recommending a full year final ordinary dividend of 1.45 pence per share for the year ended 30 September, 2025 (2024: 1.09 pence per share) subject to shareholders' approval at the AGM on 25 February 2026. The dividends will be paid on 4 March 2026 to shareholders on the register of members at the close of business on 6 February 2026. Announcement • Dec 04
Victorian Plumbing Group plc, Annual General Meeting, Feb 25, 2026 Victorian Plumbing Group plc, Annual General Meeting, Feb 25, 2026. Announcement • Oct 07
Victorian Plumbing Group plc to Report Fiscal Year 2025 Results on Dec 03, 2025 Victorian Plumbing Group plc announced that they will report fiscal year 2025 results on Dec 03, 2025 Announcement • Jan 16
Victorian Plumbing Group plc Recommends Final Dividend for the Year Ended 30 September 2024, Payable on 7 March 2025 Victorian Plumbing Group plc announced in order to distribute a total ordinary dividend for the year ended 30 September 2024 of 1.61 pence per share (2023: 1.40 pence per share), which would represent growth of 15%, the board is recommending a full year final ordinary dividend of 1.09 pence per share (2023: 0.95 pence per share). The Board is not recommending a special dividend (2023: nil pence per share) as it prioritizes the preservation of cash to finance the fit-out of the warehouse transformation, without the need for indebtedness and to maintain the robustness of the balance sheet. This results in a total cash distribution to shareholders of £5.2 million (£1.7 million interim paid and £3.5 million final to be paid), subject to shareholders' approval at the AGM on 25 February 2025. The dividends will be paid on 7 March 2025 to shareholders on the register of members at the close of business on 7 February 2025. Announcement • Oct 15
Victorian Plumbing Group plc to Report Fiscal Year 2024 Results on Jan 15, 2025 Victorian Plumbing Group plc announced that they will report fiscal year 2024 results on Jan 15, 2025 Recent Insider Transactions • Aug 29
CEO & Director recently sold €3.2m worth of stock On the 23rd of August, Mark Radcliffe sold around 3m shares on-market at roughly €1.18 per share. This transaction amounted to 1.7% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Mark's only on-market trade for the last 12 months. Buy Or Sell Opportunity • Jul 17
Now 21% undervalued Over the last 90 days, the stock has risen 21% to €1.04. The fair value is estimated to be €1.32, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.7% over the last 3 years. Earnings per share has declined by 19%. Revenue is forecast to grow by 24% in 2 years. Earnings are forecast to grow by 46% in the next 2 years. Valuation Update With 7 Day Price Move • May 21
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to €1.04, the stock trades at a forward P/E ratio of 50x. Average forward P/E is 3x in the Specialty Retail industry in Germany. Total returns to shareholders of 25% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €1.54 per share. Reported Earnings • Jan 28
Full year 2023 earnings released: EPS: UK£0.041 (vs UK£0.033 in FY 2022) Full year 2023 results: EPS: UK£0.041 (up from UK£0.033 in FY 2022). Revenue: UK£285.1m (up 5.8% from FY 2022). Net income: UK£11.8m (up 28% from FY 2022). Profit margin: 4.1% (up from 3.4% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Specialty Retail industry in Germany. Announcement • Jan 26
Victorian Plumbing Group plc, Annual General Meeting, Feb 27, 2024 Victorian Plumbing Group plc, Annual General Meeting, Feb 27, 2024, at 09:30 Coordinated Universal Time. Location: head office, 22 Grimrod Place Skelmersdale United Kingdom Announcement • Dec 29
Victorian Plumbing Group plc has filed a Follow-on Equity Offering. Victorian Plumbing Group plc has filed a Follow-on Equity Offering.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 62,239
Transaction Features: Rights Offering Announcement • Nov 24
Victorian Plumbing Group plc Recommends Full Year Final Ordinary Dividend, Payable on 8 March 2024 Victorian Plumbing Group plc announced that in order to distribute a total ordinary dividend for the year of 1.40 pence per share (2022: 1.10 pence per share), which would represent growth of 27%, the Board is recommending a full year final ordinary dividend of 0.95 pence per share (2022: 1.10 pence per share). The Board is not recommending a special dividend (2022: 1.70 pence per share) as it prioritises the preservation of cash to finance the fit-out of the warehouse transformation, without the need for indebtedness and to maintain the robustness of the balance sheet. This results in a total cash distribution to shareholders of £4.6 million (£1.5 million interim paid and £3.1 million final to be paid), subject to shareholders' approval at the AGM on 27 February 2024. The dividends will be paid on 8 March 2024 to shareholders on the register of members at the close of business on 9 February 2024. Announcement • Nov 01
Victorian Plumbing Group plc to Report Fiscal Year 2023 Results on Nov 22, 2023 Victorian Plumbing Group plc announced that they will report fiscal year 2023 results on Nov 22, 2023 Recent Insider Transactions • Jul 12
Independent Chairman recently sold €154k worth of stock On the 6th of July, Philip Bowcock sold around 185k shares on-market at roughly €0.83 per share. This transaction amounted to 13% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Philip has been a net seller over the last 12 months, reducing personal holdings by €240k. Reported Earnings • May 24
First half 2023 earnings released: EPS: UK£0.015 (vs UK£0.007 in 1H 2022) First half 2023 results: EPS: UK£0.015 (up from UK£0.007 in 1H 2022). Revenue: UK£146.8m (up 9.6% from 1H 2022). Net income: UK£4.20m (up 110% from 1H 2022). Profit margin: 2.9% (up from 1.5% in 1H 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Specialty Retail industry in Germany. Announcement • May 23
Victorian Plumbing Group Declares an Interim Dividend Payable on 7 July 2023 Victorian Plumbing Group plc Board has declared an interim dividend of 0.45 pence per share (H1 2022: nil) which is a total cash distribution to shareholders of £1.5m. The dividend will be paid on 7 July 2023 to shareholders on the register of members at the close of business on 9 June 2023. Announcement • Feb 07
Victorian Plumbing Group plc Announces CFO Succession Victorian Plumbing Group plc announced that Paul Meehan, the Group's Chief Financial Officer ("CFO"), has announced the Board that he to step down from his role on 31 March 2023 in order to pursue other opportunities. The Board announced that Daniel (Dan) Barton, currently the Group's Director of Finance, has been chosen to replace Paul as CFO. As a result, Dan will be appointed to the Board on 1 April 2023. Paul will remain with the business during his notice period until 30 June 2023 to ensure an orderly handover of his responsibilities. Dan has also recently assumed the role of Company Secretary. Dan joined Victorian Plumbing in August 2022 from DWF Group plc, where he was Deputy CFO for three years. Prior to this, Dan was Deputy CFO and Company Secretary at Wilmington Group plc, having previously qualified as a Chartered Accountant at PwC LLP. Reported Earnings • Feb 01
Full year 2022 earnings released: EPS: UK£0.033 (vs UK£0.053 in FY 2021) Full year 2022 results: EPS: UK£0.033 (down from UK£0.053 in FY 2021). Revenue: UK£269.4m (flat on FY 2021). Net income: UK£9.20m (down 36% from FY 2021). Profit margin: 3.4% (down from 5.3% in FY 2021). Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Online Retail industry in Germany. Valuation Update With 7 Day Price Move • Jan 10
Investor sentiment improved over the past week After last week's 22% share price gain to €1.01, the stock trades at a trailing P/E ratio of 31.1x. Average forward P/E is 18x in the Online Retail industry in Europe. Total loss to shareholders of 14% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €1.50 per share. Reported Earnings • Dec 07
Full year 2022 earnings released: EPS: UK£0.033 (vs UK£0.053 in FY 2021) Full year 2022 results: EPS: UK£0.033 (down from UK£0.053 in FY 2021). Revenue: UK£269.4m (flat on FY 2021). Net income: UK£9.20m (down 36% from FY 2021). Profit margin: 3.4% (down from 5.3% in FY 2021). Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Online Retail industry in Germany. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non Executive Director Dianne Walker was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Oct 07
Victorian Plumbing Group plc to Report Fiscal Year 2022 Results on Dec 06, 2022 Victorian Plumbing Group plc announced that they will report fiscal year 2022 results on Dec 06, 2022 Announcement • Jun 14
Victorian Plumbing Appoints Dianne Walker to the Board as an Independent Non-Executive Director Victorian Plumbing announced the appointment of Dianne Walker to the Board as an Independent Non-Executive Director with immediate effect. Dianne will Chair the Remuneration Committee and become a member of the Audit Committee and the Nomination Committee. Dianne is a Chartered Accountant (FCA) and previously spent 12 years at PwC in a senior management role in the North West Practice, providing listed companies and global groups with audit, business advisory and transaction support professional services. Reported Earnings • May 18
First half 2022 earnings released: EPS: UK£0.007 (vs UK£0.044 in 1H 2021) First half 2022 results: EPS: UK£0.007 (down from UK£0.044 in 1H 2021). Revenue: UK£133.9m (down 4.8% from 1H 2021). Net income: UK£2.00m (down 83% from 1H 2021). Profit margin: 1.5% (down from 8.2% in 1H 2021). Over the next year, revenue is forecast to grow 9.7%, compared to a 32% growth forecast for the industry in Germany. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Senior Independent Non-Executive Director Damian Sanders was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Apr 08
CEO & Director recently bought €423k worth of stock On the 4th of April, Mark Radcliffe bought around 700k shares on-market at roughly €0.60 per share. This was the largest purchase by an insider in the last 3 months. Mark has been a buyer over the last 12 months, purchasing a net total of €3.8m worth in shares. Buying Opportunity • Mar 10
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 30%. The fair value is estimated to be UK£0.91, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% per annum over the last 3 years. Announcement • Feb 24
Victorian Plumbing Group Provides Revenue Guidance for the Second Half Year of 2022 Victorian Plumbing Group plc look to the second half of the financial year, that the comparative period performance for revenue eases and so expects to return to having modest year-on-year growth through second half of 2022. Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment deteriorated over the past week After last week's 31% share price decline to €1.20, the stock trades at a forward P/E ratio of 40x. Average forward P/E is 18x in the Online Retail industry in Europe. Simply Wall St's valuation model estimates the intrinsic value at €1.50 per share. Reported Earnings • Dec 11
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: UK£0.053 (down from UK£0.099 in FY 2020). Revenue: UK£268.8m (up 29% from FY 2020). Net income: UK£14.3m (down 27% from FY 2020). Profit margin: 5.3% (down from 9.4% in FY 2020). Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 1.3%, compared to a 52% growth forecast for the retail industry in Germany. Recent Insider Transactions • Dec 11
CEO & Director recently bought €3.4m worth of stock On the 10th of December, Mark Radcliffe bought around 3m shares on-market at roughly €1.13 per share. This was the largest purchase by an insider in the last 3 months. This was Mark's only on-market trade for the last 12 months. Valuation Update With 7 Day Price Move • Nov 17
Investor sentiment improved over the past week After last week's 15% share price gain to €2.06, the stock trades at a forward P/E ratio of 36x. Average forward P/E is 24x in the Online Retail industry in Germany. Valuation Update With 7 Day Price Move • Oct 09
Investor sentiment deteriorated over the past week After last week's 17% share price decline to €2.40, the stock trades at a trailing P/E ratio of 24.6x. Average forward P/E is 34x in the Online Retail industry in Germany. 