Wickes pre-tax profits slip despite record FY revenues

Home improvement retailer Wickes reported a drop in pre-tax profits in 2022 despite seeing record revenues and further market share gains.

Wickes said full-year pre-tax profits had fallen from £85.0m a year earlier to £75.4m, in line with guidance, even as total revenues rose 1.8% to an all-time high of £1.56bn, up from £1.53bn twelve months prior.

Like-for-like sales rose 3.5% in 2022, with further market share gains in core, and a strong recovery in "Do It For Me" sales.

Adjusted basic earnings per share fell 12.5% to 23.8p and the group's dividend was unchanged at 10.9p.

Wickes also stated 2022 had been a challenging year, driven by well-documented consumer challenges, and said it expects the weak economic environment to continue in 2023.

The London-listed group said: "Core sales are moderately behind the same period last year, with trade sales in growth and DIY continues to normalise. In DIFM, delivered sales are slightly ahead year on year due to the elevated order book; ordered sales are in line with the same period in 2022."

As of 0840 GMT, Wickes shares were up 1.31% at 146.90p.

Reporting by Iain Gilbert at Sharecast.com