16th Sep 2021 13:18
Wickes Group PLC - Watford-based building supplies retailer - Improves to pretax profit in 26 weeks to June 21 of GBP35.7 million versus GBP5.5 million loss year before. Adjusted pre-tax profit increase to GBP46.5 million in the first half, ahead of the company's previous guidance of around GBP45 million. Revenue surges 33% to GBP812.0 million from GBP612.7 million. Core sales rise 35% to GBP666.7 million and Do-it-for-me sales grow 20% to GBP145.3 million. Like-for-like sales are 22.4% ahead of pre-pandemic levels from 2019. Declares interim dividend of 2.1 pence.
This is Wickes's first year as an independent company, having been spun off from Travis Perkins PLC in April.
Chief Executive David Wood says: "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.
"As a business we have responded well to the increase in demand across our three routes to market, supporting all our customers. I would like to thank each of my colleagues for their continued hard work and support."
Looks to future with "confidence".
"We expect to deliver a full year adjusted profit before tax towards the upper end of expectations, and beyond that, we have the right business model to win over more customers and capitalise on the growth opportunities within a large and growing home improvement market," Wood adds.
Current stock price: 236.60 pence, up 1.8% on Thursday
Year-to-date change: down 10% since demerger
By Paul McGowan; [email protected]
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