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Wickes Group plc (LSE:WIX) has delivered a resilient performance in the first half of 2024, with total revenue of £799.9 million for the 26 weeks ending 29 June 2024. Despite a 3.4% year-on-year decline compared to £827.7 million in H1 2023, the company’s profit outlook for the full year remains unchanged, buoyed by an improving trend in Q3 so far.
Financial Highlights
- Revenue: Total revenue was £799.9 million, down 3.4% year-on-year (H1 2023: £827.7 million).
- Gross Margin: Adjusted gross margin saw a slight improvement of +24 basis points.
- Operational Costs: Costs remained flat year-on-year due to management’s strategic actions to mitigate the impact of inflation.
- Profit Before Tax (PBT): Statutory PBT was £22.9 million, an increase from £21.1 million in H1 2023. Adjusted PBT came in at £23.4 million, down from £31.1 million in the same period last year.
- Cash Position: Wickes maintained a solid net cash position of £152.4 million (H1 2023: £190.0 million), reflecting the impact of the Solar Fast acquisition and £28.9 million returned to shareholders.
- Dividend: The company declared an interim dividend of 3.6 pence per share.
Current Trading & Outlook
Wickes has seen an improved trading trend so far in Q3. In the Retail segment, like-for-like (LFL) sales growth has strengthened, while the Design & Installation business has stabilised. While the broader market outlook remains uncertain, Wickes’ actions to counter inflationary pressures have supported management’s confidence in achieving the adjusted PBT forecast for the full year of 2024.
