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Wickes Group plc - Full Year Results 2023

for the 52 weeks to 30 December 2023

Robust sales performance with adjusted PBT ahead of market expectations

Financial Highlights

  • Total revenue of £1,553.8m in line with prior year (2022: £1,559.0m) reflecting LFL1 sales -0.3%
  • Strong productivity gains of £22m offsetting cost inflation (excl. energy) in line with guidance
  • Statutory profit before tax: £41.1m (2022 £40.3m)
  • Adjusted profit before tax after SaaS impact2: £52.0m, ahead of consensus
  • Net cash position of £97.5m (2022 £99.5m), after £10.1m of share buybacks; Average cash across the year of £154.9m (2022 £153.6m)
  • Final dividend of 7.3p, giving a total of 10.9p for the full year, in line with guidance
  • £10.1m of £25.0m share buyback programme completed by year end3

Strategic Highlights

  • Strong TradePro sales growth +11%, driven by significant expansion in TradePro members to 881k (2022: 746k)
  • Record highs for customer satisfaction scores across all channels (stores, Click & Collect and Home Delivery), underpinning market share position
  • Accelerated H2 sales growth of +24% in Wickes Lifestyle Kitchens range since highly successful relaunch to gain share of the volume kitchen market
  • Three new stores opened, in Chelmsford, Widnes and Torquay, creating c. 90 new jobs
  • Store refit programme delivering strong sales uplifts and ROCE with 11 refits completed
  • New Customer Experience Centre and field service tech platforms driving increased lead conversion, greater efficiencies and 92% Net Promoter Score in Design & Installation4
  • Successfully broadening customer appeal for home improvers with more than 1 in 4 Wickes shoppers female5
  • Entry into energy-saving solutions with Solar Fast acquisition (see separate RNS also released today)

NB. Retail6 refers to the revenue stream formerly described as Core. Design & Installation4 refers to the revenue stream formerly described as DIFM or Do-it-for-me.

Current Trading & Outlook

In the first 11 weeks of 2024 Retail sales are in line with last year. As previously noted, the consumer environment for larger purchases continues to be challenging with weaker leads in the market for Design & Installation, resulting in new orders down single digits year on year.

We maintain good cost control and have productivity plans in place for 2024, however these will not offset fully the cost headwinds from the scale of increases in National Minimum Wage and business rates. Wickes’ balanced business model and proven growth strategy affords the Group resilience in the current uncertain environment and leaves us well positioned for growth in the longer term. We are comfortable with consensus expectations for adjusted PBT after SaaS impact for FY247.

We will issue a Q1 trading update in May. We also plan to hold an investor insight event in May, focused on TradePro, with further details to follow in due course.

David Wood, Chief Executive of Wickes, commented:

"This has been another year of strong progress for Wickes. Our robust trading performance, targeted investment programme and disciplined cost control have delivered profits ahead of expectations.

“In the current economic environment, our unrivalled focus on providing great value and service has underpinned this performance. With this, I would like to thank each of my colleagues for their continued dedication and support, enabling us to achieve record customer satisfaction.

“I am also delighted to announce our acquisition of Solar Fast, which gives Wickes a majority stake in a leading operator in the emerging and exciting market for energy saving solutions. This acquisition enables us to rapidly accelerate our Design & Installation growth lever, capitalising on our expertise in installing major home improvement projects."

David Wood Chief Executive of Wickes

Summary of full year financial results


52 weeks to

31 Dec 2022

52 weeks to

30 Dec 2023


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Adjusted8 revenue


  Design & Installation










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Adjusted8 profit before tax before SaaS impact




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Full year dividend




Investor & Analyst meeting

A presentation for investors and analysts will be held today at 8.30am (UK time), followed by a Q&A with the Wickes management team. A live webcast can be accessed at:

A recording of the webcast will be available on the Wickes Group plc website later today:

This announcement should be read in conjunction with the announcement regarding the acquisition of a majority stake in leading solar installations business Solar Fast, which has also been released today.


Investors and Analysts

Holly Grainger

Director of Investor Relations

+44 (0)7341 680426


Lucy Legh, Will Smith

PR Advisers to Wickes

+44 (0)203 805 4822

About Wickes

Wickes is a digitally-led, service-enabled home improvement retailer, delivering choice, convenience, value and best-in-class service to customers across the United Kingdom, making it well placed to outperform its growing markets. In response to gradual structural shifts in its markets over recent years, Wickes has a balanced business focusing on three key customer journeys - TradePro, DIY (together reported as Retail) and our project-based Design & Installation division.

Wickes operates from its network of 229 right-sized stores, which support nationwide fulfilment from convenient locations throughout the United Kingdom, and through its digital channels including its website, TradePro mobile app for trade members, and Wickes DIY app. These digital channels allow customers to research and order an extended range of Wickes products and services, arrange virtual and in-person design consultations, and organise convenient Home Delivery or Click-and-Collect.

Forward looking statements

This announcement has been prepared by Wickes Group Plc. To the extent it includes forward-looking statements, these statements are based on current plans, estimates, targets and projections, and are subject to inherent risks, uncertainties and other factors which could cause actual results to differ materially from the future results expressed or implied by such forward-looking statements. Neither Wickes Group Plc, nor any of its officers, Directors or employees, provides any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this announcement will actually occur. Wickes Group Plc does not undertake any obligation, other than in accordance with our legal and regulatory obligations, to update or revise any forward-looking or other statement, whether as a result of new information, future developments or otherwise.

Business review

We delivered a robust sales performance in 2023, benefitting from a great value- and service-led proposition and underpinned by our balanced business model. We continued to achieve market share gains9 in our Retail business, driven by impressive growth in membership of the TradePro scheme and volume growth in a number of strategically important categories. Our Design & Installation delivered sales were slightly down for the full year with sales declines in the second half reflecting the more challenging market environment for big ticket projects and the normalisation of our post-Covid order book.

As expected, overall profitability declined versus 2022, reflecting a market with softer demand and high cost inflation. Nonetheless our productivity programme enabled us to offset all cost increases other than energy and as a result we were able to deliver adjusted PBT ahead of expectations.


1) For a definition of like-for-like (‘LFL’) sales, see note 3
2) SaaS IT investment costs are those costs incurred which relate to ‘software as a service’ solutions that are immediately expensed under the Group’s accounting policies and do not result in an intangible asset. See note on Alternative Performance Measures for further information.
3) Remaining £2.4m of the initial £12.5m programme completed by Feb-24
4) Design & Installation formerly described as DIFM or Do-it-for-me. Design & Installation revenue relates to projects such as kitchens and bathrooms, sold by our showroom Design Consultants. Revenue is recognised when delivery and installation (where applicable) is complete.
5) Wickes proprietary customer data 2023
6) Retail formerly described as Core. Retail revenue relates to products sold directly to customers (both DIY and local trade), in stores or online
7) Consensus PBT after SaaS impact for FY24 is £43.6m as at 8 March 2024
8) Adjusted measures represent results on an IFRS basis and exclude adjusting items including, but not limited to, significant restructurings, incremental costs relating to corporate transactions, significant write downs or impairments (or impairment reversals) of current and non-current assets, the associated costs of separating the business from the former parent company’s IT systems, net unrealised gains and losses on remeasurement of foreign exchange derivatives held at fair value, the effect of changes in corporation tax rates on deferred tax balances, and in the comparative period a reclaim of overpaid VAT relating to prior years. See note 2 of the financial statements and both the Reconciliation of Alternative Performance Measures note and the Alternative Performance Measures note for a detailed explanation of these items.

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