Business
Full Year Results 2024
Full Year Results 2024.
About this update from Wickes Group Plc
[{"type":"text","content":"\n\n\n20 March 2025\n \nWickes Group plc - Full Year Results 2024\nfor the 52 weeks to 28 December 2024\n \nStrong market outperformance in FY24 with Adjusted PBT at upper end of market expectations\nGood start to 2025 and £20m share buyback announced\n \n \nFinancial Summary\n\n\n\n\n•\n\n\nContinued growth in Retail1 with revenue +1.9%; Challenging market conditions led to 10.5% decline in Design & Installation2 revenue; Total revenue of £1,538.8m (2023: £1,553.8m) down 1.0% year-on-year\n\n\n\n\n•\n\n\nProductivity initiatives largely mitigated impact of operating cost headwinds\n\n\n\n\n•\n\n\nAdjusted profit before tax of £43.6m (2023: £52.0m), due to weaker consumer demand for larger ticket items and operating cost inflation\n\n\n\n\n•\n\n\nStatutory profit before tax of £23.2m (2023: £41.1m), reflecting a non-cash impairment charge booked against IFRS 16 lease assets and property, plant and equipment\n\n\n\n\n•\n\n\nNet cash position of £86.3m (2023 £97.5m) and average cash across the year of £144.3m\n\n\n\n\n•\n\n\nFinal dividend declared of 7.3p, giving a total of 10.9p for the full year. Total returns to shareholders of £41.1m in the year from dividends and completion of £25m share buyback\n\n\n\n\n•\n\n\nNew £20m share buyback announced today\n\n\n\n\n \nStrategic Highlights\n\n\n\n\n•\n\n\nSustained growth in volumes and LFL3 sales in Retail driven by strong TradePro sales growth of +14%, with growth in active members4 to 581,000 (2023: 478,000)\n\n\n\n\n•\n\n\nAccelerated increase in Retail market share5 with particular gains in decorative and garden\n\n\n\n\n•\n\n\nActions taken in Design & Installation led to Q4 growth in ordered sales6 for the first time since Q2 2023 and improvement in LFL delivered sales7 from -18.3% in H1 to -8.4% in H2\n\n\n\n\n•\n\n\nDigital investments driving improved customer journey, higher customer satisfaction ratings and productivity\n\n\n\n\n•\n\n\n7 refits completed and 4 new stores opened, creating c. 120 new jobs. Store opening programme for 2025 includes four former Homebase stores\n\n\n\n\n•\n\n\nRecognition of our Responsible Business Strategy: FTSE4Good index, CDP Climate 'B', MSCI 'AAA'\n\n\n\n\n \nCurrent Trading & Outlook\n \nTrading in the first 11 weeks of 2025 has been in line with our expectations. Positive LFL sales growth...