Wickes declares interim dividend, sees FY profit at upper end of views
By Michele Maatouk
Date: Thursday 16 Sep 2021
(Sharecast News) - DIY retailer Wickes, which recently demerged from Travis Perkins, said on Thursday that it now expects full-year profit towards the upper end of market expectations, as it reported better-than-expected interim profits.
In the 26 weeks to 26 June, adjusted pre-tax profit rose to £46.5m from £14.5m in the same period a year prior, which was ahead of its guidance of around £45m. Revenue increased 32.5% to £812m, driven by a strong core performance.
The company said it swung to a reported pre-tax profit of £35.7m from a loss of £5.5m in the previous year.
Wickes declared its first ever interim dividend, of 2.1p a share and said it now expects adjusted pre-tax profit for the full year to come in towards the upper end of analyst expectations of between £67m and £75m, assuming no further significant changes due to Covid disruption.
Chief executive David Wood said: "This is a strong first half performance underpinned by our attractive digitally-led, service-enabled proposition. In our first set of results since demerger, we have delivered an increase in sales and profits as we continue to help the nation feel house proud.
"In Core we have gained further market share driven by the strength of our proposition and DIFM (Do it for Me) has been remarkably resilient despite showrooms being closed through to April.
"Throughout this period, our strong relationships with suppliers means that we have navigated inflationary pressures and raw material constraints well - and this remains the case."
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