The Victorian Plumbing Group Board has declared an interim dividend of 0.52 pence per share (H1 2023: 0.45 pence per share), which represents a total cash distribution to shareholders of £1.7m (H1 2023: £1.5m). The dividend will be paid on 16 August 2024 to shareholders on the register of members at the close of business on 19 July 2024.
Other financial highlights include:
Resilient H1 2024 revenue down 1% to £144.6m (H1 2023: £146.8m) or flat on a like-for-like ("LFL") basis when adjusting for the impact of Easter timing.
Gross profit up 8% to £72.3m (H1 2023: £66.8m); gross profit margin increased 4%pts to 50% (H1 2023: 46%), representing the highest gross margin since listing in 2021, underpinned by own brand sales.
Gross profit margin improvement drove a 33% increase in adjusted EBITDA to £13.2m (H1 2023: £9.9m); adjusted EBITDA margin increased 2%pts to 9% (H1 2023: 7%).
Adjusted PBT increased 40% to £11.5m (H1 2023: £8.2m); adjusted PBT margin increased 2%pts to 8% (H1 2023: 6%).
Operating cash conversion remained robust at 65% (H1 2023: 66%), with free cash flow up 32% to £8.6m (H1 2023: £6.5m).
