Wickes hails “robust” full year sales performance
Wickes has announced a “robust” full year sales performance as it confirmed that it will be acquiring a 51% stake in the parent company of Solar Fast.
In the year to 30 December, Wickes’ total revenue edged down 0.6% to £1.55 billion as adjusted pre-tax profit after SaaS impact declined by 31% to £52 million.
However, statutory pre-tax profit rose by 2% to £41.1 million.
The company said it saw particularly strong growth of 11% in its TradePro sales in the period as it grew its number of TradePro members to 881,000 from 746,000 in the previous year.
During the year, Wickes opened three new stores in Chelmsford, Widnes and Torquay. It also completed 11 refits.
David Wood, chief executive of Wickes, said: “This has been another year of strong progress for Wickes. Our robust trading performance, targeted investment programme and disciplined cost control have delivered profits ahead of expectations.
“In the current economic environment, our unrivalled focus on providing great value and service has underpinned this performance. With this, I would like to thank each of my colleagues for their continued dedication and support, enabling us to achieve record customer satisfaction.”
Wickes said retail sales in the first 11 weeks of 2024 were in line with last year as customers’ appetite for buying new kitchens and bathrooms remained weaker due to the current economic climate.
The retailer has also announced that it has agreed to acquire 51% stake in Gas Fast, the parent company of leading solar installations company Solar Fast.
Wickes said the purchase will enable it to expand its offering into the fast-growing market for home energy solutions, initially with solar and gas boilers and, in time, air source heat pumps and other services.
