Its first-half results announcement should have been a moment for celebration, but investors thought otherwise and sent shares in Victorian Plumbing (VIC:AIM) spiralling down the plughole to a 12-month low.

The firm reported an increase in sales and market share, with strong growth in the second quarter to the end of March following the completion of its warehouse transformation in December last year.

‘Having invested significantly in preparing the business for future growth last year, I am pleased with the group’s strategic progress in the first half,’ said a proud chief executive, Mark Radcliffe.

Radcliffe also unveiled plans to relaunch MFI, the famed furniture brand which went into bankruptcy almost two decades ago and was part of the assets acquired from administration last year along with the bathroom retailer Victoria Plum. It is this shift in strategy which seems to have alarmed the market.

‘I am very excited about the upcoming re-invention of MFI, allowing us to tap in to more of the £20 billion UK Homewares market’, said the chief executive.

‘Our dedicated and ambitious team, decades of e-commerce knowledge and best-in-class proprietary software, together with the recognisable MFI brand, will help to deliver our strategic ambition over the medium-term.’ 

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