28th Jan 2025 11:16
(Alliance News) - Wickes Group PLC on Tuesday hailed an increase in sales despite a decrease on spending for Design & Installation.
The Watford, England-based home improvement retailer said it returned to revenue growth in the second half of its financial year.
Wickes shares rose 12% to 172.20 pence each on Tuesday morning in London.
It expects to report revenue for the year that ended December 28 of GBP1.54 billion, a decline of 1.0% from GBP1.54 billion in financial 2023.
For the second half alone, Wickes says it generated revenue of GBP738.9 million, a climb of 1.8% on-year. Revenue had shrunk 3.4% in the first half.
Retail revenue rose 3.0% in the second-half, quickening from a 1.0% rise in the first.
Design & Installation revenue fell 2.5% in the second half, the pace of decline easing from 17% in the first.
Wickes now expects adjusted pretax profit for the full-year to be at the upper end of the GBP39.7 million to GBP44.0 million consensus range.
In financial 2023, it reported adjusted pretax profit of GBP59.5 million before the impact of software-as-a-service IT investment costs, GBP52.0 million after.
The company expects to report full year results in the second half of March.
By Tom Budszus, Alliance News slot editor
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