Wickes Shares Jump, Adjusted PBT at Upper End of Market Expectations

Wickes (LON: WIX) shares climbed more than 6% on Thursday morning after the home improvement retailer reported full-year results showing adjusted profit before tax (PBT) at the upper end of expectations. 

The stock is now up 17% year-to-date.

For the 52 weeks ending 28 December 2024, Wickes posted an adjusted PBT of £43.6 million, down from £52 million the previous year, reflecting weaker demand for big-ticket items and cost inflation.

However, revenue in the Retail segment grew 1.9%, helping offset a 10.5% decline in its Design & Installation business, where consumers were more cautious.

Wickes posted total revenue of £1.54 billion, down 1% from £1.55 billion the previous year.

CEO David Wood highlighted the company’s strong execution, saying: “2024 was a year of strong progress for Wickes as our balanced business model and brand strength saw us continue to deliver for customers and take further market share.” 

He noted an encouraging return to growth in Design & Installation ordered sales in Q4.

Looking ahead, Wickes said trading in early 2025 has been in line with expectations, with positive like-for-like growth in Retail and improving trends in Design & Installation. 

The company remains “comfortable” with consensus expectations for adjusted PBT in 2025.

“The actions we have taken across the business to invest in our growth levers and productivity position us well for 2025, notwithstanding the uncertain market outlook for larger ticket purchases and the continued cost headwinds,” said the firm.

Wickes also announced a £20 million share buyback programme, following £25 million in buybacks and £41.1 million in total shareholder returns in 2024.