Victorian Plumbing Share Discussion Threads

[markatkinson] 23/11/2024 03:26

On the latest episode of the Desert Island Investor we are joined by my good friend John Walter.

With each castaway I ask them within our conversation to bring one of their holdings along for us to discuss and with John it was Victorian Plumbing -

[slicethepie] 06/11/2024 10:21

Always interesting to taste a companies product prior to buying their shares ....as a private customer I have had a very poor experience, customer support is dreadful, no help line, no response to emails ...Trade maybe where their focus is but any interaction reflects on their brand and customer support is easy these days.

[chester9] 15/10/2024 06:46

Good business and margins but not cheap at 107 share price with Pe 25 with rolling pe 18. Looks good but not much upside.

[eigthwonder] 18/9/2024 08:11

looks like an encouraging set up for further performance. Year end Sept, so a trading statement in the relatively near future beckons.

[woozle1] 18/9/2024 08:08

looks like the worm has turned. market appears firmer to b&q, the cost benefits from the improved infrastructure and the acquisition of victoria plumb allows them a more segmented offer.

[mr5k] 22/8/2024 15:08

I think an upside earnings surprise. The joy of modern plumbing is that the quality of parts has deteriorated and needs regular changing. One can defer carpet for a long time and likewise tiles. But leaking pipes, no.

[cottlet] 22/8/2024 14:50

something is afoot.............

[gswredland] 23/5/2024 15:07

Still a lot of buyers coming in

[74tom] 21/5/2024 20:28

Woozle1, a business in administration isn't going to be spending much if anything on marketing, that's almost certainly why revenues will have collapsed.

[woozle1] 21/5/2024 08:38

Still scratching my head about this one. Why didn't Vic buy this from the administrator and why now? That revenues (see below) have fallen so much would imply it was about to disappear and that it could not live with Vic.

I doubt this has been good for AHK as revenues have collapsed from £100m to less than £50m (Vic says £22m is 0.5x times sales), which means they will have been funding operating losses and probably substantial ones; which means that AHK has not made much money on this transaction and may have approached Vic to buy them out.

I like to hear more color in the results.

[gswredland] 21/5/2024 07:15

Looks like that high some months ago will be broken

[velocytongo] 20/5/2024 16:50

What you don’t know is how much AHK have lost

[74tom] 20/5/2024 14:55

It's been in administration since last September, so I don't think the figures quoted for this year are that relevant. Historics on companies house show it was doing ~£57-63m from 2017-19, £70.9m in 2020, £99m in 2021 and £113m in 2022.

Looking at the balance sheet, it was solid at 28/02/22, although cash had dropped sharply and debtors + inventory increased. I'd speculate they had cash flow issues from taking on too much stock.

On a different note, it'll surely save VIC a fortune on online marketing spend

[hopeful holder] 20/5/2024 14:14

From the RNS.. The Company's expectation is that Victoria Plum will be broadly break even in the second half of 2024...So no immediate accretive net margin but once fully integrated then indeed a step up in eps is possible.

[hopeful holder] 20/5/2024 13:53

From the RNS...1)The Acquisition constitutes a substantial transaction under the Rule 12 of the AIM Rules for Companies. For the six months ended 31 March 2024, unaudited management accounts indicate that Victoria Plum had book value gross assets of £15.8m and losses of £3.3m

[74tom] 20/5/2024 08:01

Very good deal indeed. Victoria Plum turnover to 28/02/22 was £122m, gross profit £46m, small PBT recorded. So should significantly impact the top line & be earnings accretive, particularly given they are buying the brand out of admin.

[lennonsalive] 20/5/2024 07:08

That's quite a bit for vic plum, but makes sense I suppose

[peddlers] 17/5/2024 14:00

My brother in law is in this business and he is inundated with work at the moment.

Funnily enough, I myself am at the point where I need to be getting into the showroom 😁

[gswredland] 17/5/2024 10:43

Yes looking good here
Didn't realise it had good metrics on stocko
Last trading statement was good

[peddlers] 17/5/2024 10:25

Nice convincing rise today right through the 200 ema towards results.

Good metrics on stocko plus net cash is nice.
Could push forward quite well, especially if it's a beat.

P.

[gswredland] 16/5/2024 18:44

I don't think we can make a comparison there Mr5

[mr5k] 16/5/2024 15:47

I suspect the results may be underwhelming. Headlam (carpets) issued a quite shocking statement. That said, replacing carpets is more deferrable than broken plumbing!

[gswredland] 16/5/2024 15:31

Starting to rise ahead of results in less than 2 weeks?

[woozle1] 13/5/2024 19:49

Vicki Plum is the proud shirt sponsor of Bolton Wanderers, who are playing Oxford in the playoffs this Sat. Go you Trotters