Wickes Reports 2.1% H1 Growth, Backs Forecasts
Wickes Reports 2.1% H1 Growth, Backs Forecasts
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Key Points
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Wickes ended the first half with net cash of £151.6 million, providing financial flexibility alongside its growth and investment plans.
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Retail like-for-like revenue fell 0.3% over the half, but improved from a 1.7% decline in the first quarter to 0.7% growth in the second quarter; Wickes said wet weather in Q1 had held back demand.
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Although Design & Installation project volumes increased, ordered sales by value were slightly lower year on year because customers remained cautious about larger Bespoke Kitchen purchases.
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Wickes said its retail market-share gains were particularly notable in decorative, gardening and timber categories, while average TradePro basket values edged lower because of deflation across several product categories.
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The company said earnings per share were lower year on year, primarily because the prior-year period benefited from a lower effective tax rate linked to revised estimates for historical capital-allowance claims and prior-year adjustments.
Wickes reported first-half 2026 revenue of £865.3 million, up 2.1% year-on-year, as higher sales volumes offset product price deflation across the home improvement market Investing. The retailer's adjusted profit before tax rose 1.1% to £27.6 million, and the company reaffirmed its forecast for roughly 10% full-year profit growth Home of Direct Commerce.
Wickes' retail business showed resilience in the second half. Third-quarter like-for-like growth swung to mid-single-digit positive territory, a sharp turnaround from first-quarter weakness hurt by wet weather Market Screener. The company also raised its interim dividend 2.8% and ended the period with £151.6 million in net cash.
Design & Installation Business Accelerates
Wickes' Design & Installation division posted its fifth straight quarter of growth, with revenue jumping 5.7% to £225.5 million Investing. Project volumes climbed, but ordered sales by value remained slightly lower because homeowners stayed cautious about large, expensive Bespoke Kitchen purchases Investing. This segment has become a growth engine within the wider business.
Retail Sales Lift Barriers Despite Deflation Headwinds
Core retail revenue grew just 0.8%, as volume gains more than made up for a 2.4% price decline across products Home of Direct Commerce. First-half like-for-like sales dropped 0.3%, but momentum built through the period. The first quarter fell 1.7% due to adverse weather, while the second quarter swung positive with 0.7% growth Investing. Wickes gained market share in decorative, gardening and timber categories.
TradePro membership and digital channels also strengthened. TradePro sales rose 5% to a record 671,000 active members, though average basket values dipped slightly from deflation Investing. Click & Collect and Home Delivery orders both expanded during the half.
Profit Growth Backed by Cost Cuts and Rate Relief
Adjusted profit before tax climbed just 1.1% to £27.6 million, a modest gain in a year when revenue grew 2.1% Home of Direct Commerce. The company expects roughly 10% full-year adjusted profit growth, underpinned by productivity improvements and lower business rates Investing. Earnings per share fell year-on-year because the prior year benefited from a one-time boost: revised capital-allowance tax estimates and prior-year adjustments that lowered the effective tax rate.
Expansion Plans Stay on Track Despite Consumer Caution
Wickes ended the half with £151.6 million in net cash, providing breathing room to fund growth initiatives Investing. The company continues to invest in digital operations, store refits and its long-term goal of reaching 300 locations Home of Direct Commerce. Shares rose 8.6% to 191.80 pence after results, signaling investor confidence in management's strategy Market Screener.
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