Home improvement retailer Wickes Group plc has announced its trading update for the second half of 2024.
The group’s revenue for the period reached £738.9 million, reflecting a like-for-like (LFL) growth of 0.1%. Retail revenue for H2 2024 amounted to £579.1 million, with an LFL increase of 2.6%. Meanwhile, the Design and Installation segment generated £159.7 million in H2, experiencing an LFL decline of 8.4%.
However, the company’s retail business in H2 2024 grew by 3% year-on-year. It added that it had increased its market share further, with “particularly strong performance” in interior paint, decorative accessories and garden projects.
Also within the Retail segment, Wickes Group’s membership programme TradePro continued to perform strongly, with sales up 14% year-on-year in the second half, as local trade professionals chose Wickes to save them time and money. Active TradePro members have increased by 19% year-on-year to 581,000. DIY sales remained in moderate decline as customers focused on smaller projects.
For 2024, Wickes Group’s revenue was £1538.8 million, dropping by 1% year-on-year. Performance of the Retail and Design & Installation segments differed, as the Retail revenue for Retail experienced a 1.9% growth to £1212.3 million, while the revenue for the Design & Installation segment was only £326.5 million, representing a 10.5% year-on-year decrease.
Additionally, the company said its adjusted profit before tax for FY24 is expected to be towards the upper end of the £39.7 million to £44 million consensus forecast range.
