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Wickes notes "encouraging" first half on like-for-like sales growth

25th Jul 2023 10:11

(Alliance News) - Wickes Group PLC on Tuesday said it is "comfortable" with market expectations as it reported on a strong first half amid sales growth.

The Watford, Hertfordshire-based home improvement retailer noted an "encouraging" performance in the six months to June with like-for-like sales growth of 0.7% for the period despite a "challenging" consumer environment.

Meanwhile, LFL sales for the second quarter of the year grew by 3.0%, with its core division performing well due to strong click and collect sales and modest growth in ordered sales for its Do It For Me business.

Wickes added that it plans to maintain its full-year dividend at 10.9 pence per share.

The company also said on Tuesday it has launched a GBP25 million share buyback due to a revision in its balance sheet, and plans to start returning excess cash to shareholders immediately.

Looking ahead, Wickes said it is "comfortable" with full-year market expectations for pretax profit of GBP54.5 million to GBP57.0 million, up from GBP40.3 million in 2022.

Shares in Wickes were up 5.1% at 133.48 pence each in London on Tuesday morning.

By Sabrina Penty, Alliance News reporter

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