Wickes delivers continued sales growth in H2
By Iain Gilbert
Date: Tuesday 28 Jan 2025
(Sharecast News) - Home improvement retailer Wickes Group said on Tuesday that it had delivered continued sales and volume growth in retail during H2 despite "challenging market conditions".
Wickes said retail sales delivered "good growth" in H2 as it increased market share further, with a particularly strong performance in interior paint, decorative accessories and garden projects.
Retail revenues were up 3% at £579.1m in H2, as its TradePro offering continued to "perform strongly", with sales up 14% year-on-year, while design and installation revenues fell 2.5% to £159.7m.
Group revenues were up 1.8% at £738.9m in H2 but for FY24 as a whole, group revenues were down 1.0% at £1.53bn.
Wickes also highlighted that FY24 adjusted pre-tax profits were expected to be towards the upper end of the £39.7m-£44.0m consensus forecast range.
Chief executive David Wood said: "Wickes' differentiated model continues to deliver. We've grown sales and volumes in retail, and TradePro had yet another period of double-digit sales growth, as local tradespeople continue to choose us to save them time and money.
"We expect to deliver FY24 profit towards the upper end of the forecast range and looking to the year ahead we are well positioned to outperform the market as we continue to invest in our strategic growth levers."
As of 0855 GMT, Wickes shares had surged 10.31% to 169.0p.
Reporting by Iain Gilbert at Sharecast.com
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