Home improvement retailer Wickes has posted robust first-half results, reporting record retail market share after seeing strong volume growth.
Over the 26 weeks to 28th June, the group’s total revenue rose by 5.6% to £847.9m, driven by a 6.8% increase in revenue in its Retail division to £634.4m. Design & Installation revenue was up 2.1% to £213.4m.
Wickes noted that in Retail, volume-led revenue was driven by a 10% growth in TradePro sales, accompanied by an increase in active members from 541,000 to 615,000, along with mid-single-digit growth in DIY sales.
Meanwhile, actions to enhance customer experience drove a return to like-for-like growth in its Design & Installation division.
First half adjusted pre-tax profit climbed by 16.7% to £27.3m, reflecting revenue growth, operational leverage and productivity savings.
Meanwhile, the group’s store expansion remains on track, with one new branch opened on a former Homebase site and four refits completed in the period. It noted that it was making good progress on plans for five to seven new stores and 10 to 15 refits in 2025.
Updating on current trading, Wickes stated that this has been in line with expectations in its third quarter to date, although the phasing of increased staff costs and new stores will impact more fully in the second half.
The retailer said it remains comfortable with current consensus expectations for adjusted pre-tax profit for 2025.
David Wood, Chief Executive, commented: “Wickes has delivered a strong first half, with volume growth across the group … 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.”
