Victorian Plumbing Group

VIC.L

Home Improvement · Consumer Cyclical

Exchange

London Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Good

Growth

Strong

Cash Flow

Strong

Stability

Mixed

Valuation

Mixed

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Winston Score History

The full picture

Victorian Plumbing Group is a UK-based online retailer that sells bathroom products directly to consumers and tradespeople. Its range includes baths, showers, toilets, basins, taps, and bathroom furniture, sold under its own Victorian Plumbing brand as well as other labels. The company operates entirely online, making it one of the largest pure-play bathroom retailers in the United Kingdom.

Victorian Plumbing makes money by selling products through its website, earning a margin between what it pays suppliers and what customers pay at checkout. It operates exclusively in the UK and generates roughly £300 million in annual revenue. Its competitive edge comes from a wide product range, strong brand recognition in online bathroom retail, and a direct-to-consumer model that avoids the costs of physical stores. The main risk the business faces is its sensitivity to the UK housing market — when people stop moving home or cutting back on renovations, demand for bathroom products tends to fall sharply.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+10.5% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+7.9% YoY

YoY Growth Rate

Slow EPS growth

Insider Activity

50.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

£22M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Victorian Plumbing Group is a rare growth stock that's already generating positive cash flow while growing at 11%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

47.0%

Healthy — 47.0% gross margin

Profit after running costs

Operating Margin

5.8%

Thin — 5.8% operating margin

Return on the money invested

ROCE

42.2%

Exceptional — 42.2% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+6.1%

Slow sales growth (+6.1% YoY)

Profit growth

EPS YoY

+118.9%

Earnings growing fast (+118.9% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

188%

Turns 188% of profit into real cash

Spare cash per sale

FCF Margin

8.7%

Modest free cash flow (8.7%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

6.87x

Adequate interest coverage (6.9x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

15.8x

no trend

Fair value — P/E 15.8

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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