Interim Results 2025
Wickes Group plc - Interim Results 2025
for the 26 weeks to 28 June 2025
Strong profit growth driven by increase in volumes across both Retail and D&I FY25 expectations unchanged
Financial Summary
- Total revenue of £847.9m (H1 2024: £803.2m) +5.6% year-on-year
- Continued strong volume growth in Retail1 with revenue +6.8%; Self-help actions in Design & Installation2 driving return to LFL growth3 in Q2
- Adjusted profit before tax4 +16.7% to £27.3m (H1 2024: £23.4m) reflecting revenue growth, operational leverage and productivity savings
- Statutory profit before tax of £24.2m (H1 2024: £22.9m)
- Net cash position of £158.0m (H1 2024 £152.4m) after £24.8m returned to shareholders
- Interim dividend declared of 3.6p (H1 2024: 3.6p)
- £20m share buyback programme ongoing
Strategic Highlights
- In Retail, volume-led revenue growth driven by 10% TradePro sales growth, with increase in active members5 to 615,000 (H1 2024: 541,000), combined with mid-single digit growth in DIY sales
- Record Retail market share6 with particular gains in timber, garden maintenance and decorating
- Strong project volume growth in Design & Installation, driven by actions taken to enhance customer experience
- Digital investments underpin growth and productivity
- 1 new store opened in a former Homebase site and 4 refits/refreshes completed. Good progress on plans for 5- 7 new stores and 10-15 refits/refreshes in 2025
- UK’s #1 retailer in Financial Times Europe’s Best Employers 2025
Current Trading & Outlook
Trading in Q3 so far has been in line with expectations. The phasing of increased people costs and new stores will impact more fully in H2; our technology investment in SaaS projects7 will increase P&L costs by c£10m on a full year basis. Notwithstanding these cost increases, our strong first half performance and ongoing productivity programme mean that we remain comfortable with current consensus expectations8 for adjusted PBT in 2025.
Our Q3 trading update will be released in late October. An investor insight event will take place on 14 October, focused on our Design & Installation business, with further details to follow in due course.
David Wood, Chief Executive of Wickes, commented:
"Wickes has delivered a strong first half, with volume growth across the Group. I would like to thank all of my
David Wood Chief Executive of Wickes
colleagues for their continued hard work and dedication, providing outstanding customer service and helping the nation feel house proud.
In Retail, we have achieved record market share growth and have prioritised convenience, choice and speed,
helping grow TradePro sales by a further 10%. With DIY, our focus on broadening appeal and innovating in
strategic categories has seen more customers choose Wickes to bring their home improvement projects to life. In Design & Installation, the actions we undertook to enhance the customer experience have seen us return to like-for like sales growth, ahead of the wider market for big ticket items.
Our proven strategy is working. Whilst we remain mindful of the cost headwinds facing the sector as a whole, continued investment in our growth levers and digital initiatives means we are well positioned for the future and remain comfortable with market expectations for the full year."
Summary of interim financial results
£m | 26 weeks to 29 June 2025 | 26 weeks to 29 June 2024 | Change |
Statutory revenue Retail Design & Installation | 847.9 634.4 213.4 | 803.2 594.0 209.2 | 5.6% 6.8% 2.1% |
Statutory gross profit Gross profit margin | 308.8 36.4% | 289.7 36.1% | 6.6% +0.4ppts |
Statutory operating profit Operating profit margin | 37.0 4.4% | 34.9 4.3% | 6.0% N/A |
Statutory profit before tax | 24.2 | 22.9 | 5.7% |
Adjusted4 gross profit Gross profit margin | 312.0 36.8% | 289.2 36.0% | 7.9% +0.8ppts |
Adjusted4 operating profit Adjusted operating profit margin | 40.1 4.7% | 35.1 4.4% | 14.2% +0.4ppts |
Adjusted4 profit before tax | 27.3 | 23.4 | 16.7% |
Adjusted4 basic earnings per share | 10.0p | 7.1p | 40.8% |
Basic earnings per share | 9.0p | 6.9p | 30.4% |
Interim dividend | 3.6p | 3.6p | N/A |
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 here: https://brrmedia.news/WIX_HY_25
A recording will be available on the Wickes Group Plc website after the event: https://wickesplc.co.uk
Enquiries
Investors and Analysts Holly Grainger Director of Investor Relations +44 (0)7341 680426 | Media Lucy Legh, Will Smith, Eleanor Evans 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 230 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 & 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.