Q4 Trading Update
Wickes Group plc reported a strong trading update for the six months ending 27 December 2025, with Group revenue increasing by 6.3% year-on-year, driven by volume-led growth across all business areas. Retail revenue grew by 6.2%, with TradePro sales up 8% and DIY sales in mid-single digits, while Design & Installation revenue increased by 6.9%. The company maintained a strong balance sheet with net cash of £92m at year-end, following a £20m share buyback programme. Wickes expects full-year adjusted profit before tax to be in line with market forecasts, which range from £46.8m to £50.7m.
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2025 adjusted PBT expected to be in line with market forecasts
In the second half of 2025 Wickes delivered further volume-led growth across all areas of the business, with Group revenue1 increasing by 6.3% year-on-year.
| H1 2025 4 | H2 2025 5 | FY 2025 6 | ||
|---|---|---|---|---|
| Retail 2 | Revenue 1 | £634m | £574m | £1,209m |
| Revenue growth | 6.8% | 6.2% | 6.5% | |
| LFL revenue growth | 6.4% | 5.1% | 5.7% | |
| Design & Installation Ranges 3 | Revenue 1 | £ 213 m | £214m | £427m |
| Revenue growth | 2.1% | 6.9% | 4.4% | |
| LFL revenue growth | (1.0)% | 6.1% | 2.5% | |
| Group | Revenue 1 | £848m | £788m | £1,636m |
| Revenue growth | 5.6% | 6.3% | 5.9% | |
| LFL revenue growth | 4.5% | 5.3% | 4.9% |
Retail delivered another period of strong sales growth, with revenue up 6.2%, driven by a continued increase in volumes, in a mildly deflationary pricing environment. As customers continue to choose Wickes for certainty of value, convenience and speed, we grew market share to a new record level.
Within Retail, TradePro continued to outperform, with sales up 8% year-on-year, as local trade professionals continue to choose Wickes to save them time and money. Active TradePro members7 increased by 11% year-on-year to 643,000. DIY sales were in mid-single digit growth, with volumes driven by increasing customer transactions.
The good momentum within Design & Installation continued, with revenue increasing by 6.9%, as customers are reacting positively to the enhancements made to our kitchen and bathroom proposition. Ordered sales8 have remained in growth for five consecutive quarters, demonstrating continued momentum as we annualise the return to ordered sales growth in Q4 2024. Delivered sales9 have now been in positive growth for three consecutive quarters, with LFL growth in the second half of 6.1%.
Investment in our strategic growth levers continues, with the opening of new stores in Southport and Northampton Riverside during Q4, bringing our total new stores for the year to five. We completed one full store refit and refreshed a further five stores in H2, with c.83% of the store estate now in the new format.
Our balance sheet remains strong, with net cash at the year end of £92m, after the completion of the £20m 2025 share buyback programme10. The cash balance is supported by a healthy order book in Design & Installation, as well as the phasing of some capital investment projects. Average cash across the year was £153m, reflecting our normal cycle of working capital.
We expect to report full year results for the period ending 27 December in mid-March 2026, with adjusted PBT for FY25 expected to be within the consensus forecast range11.
David Wood, Chief Executive of Wickes, commented:
"This has been another period of good sales growth for Wickes, underlining a year of strong progress against our strategy. Pleasingly, growth has been volume-driven across the business, with customers turning to Wickes for value, convenience and speed. Our Design & Installation customers have responded well to the enhancements to our offer, enabling us to build on the sales momentum we have established this year.
"As we continue to invest in our growth levers, we remain on track to meet market expectations for the full year and look forward to supporting even more customers with their home improvement projects in the year ahead."
Quarterly LFL
| Q1 13 weeks to 29 March | Q2 13 weeks to 28 June | Q3 13 weeks to 27 Sept | Q4 13 weeks to 27 Dec | ||
|---|---|---|---|---|---|
| Retail 2 | Revenue 1 | £275m | £359m | £313m | £262m |
| Revenue growth | 4.9% | 8.3% | 6.7% | 5.5% | |
| LFL revenue growth | 4.4% | 7.9% | 5.6% | 4.5% | |
| Design & Installation Ranges 3 | Revenue 1 | £ 101 m | £113m | £108m | £106m |
| Revenue growth | (1.7%) | 5.7% | 7.8% | 6.0% | |
| LFL revenue growth | (5.6%) | 3.5% | 7.0% | 5.2% | |
| Group | Revenue 1 | £376m | £472m | £420m | £368m |
| Revenue growth | 3.0% | 7.7% | 6.9% | 5.7% | |
| LFL revenue growth | 1.6% | 6.9% | 5.9% | 4.7% |
Footnotes
1) The Group has reviewed its presentation of revenue arising from delivery charges and has now disclosed delivery revenue within Revenue, which was previously recognised net within Cost of Sales. £2.4m of delivery revenue has been re-presented from Cost of Sales to Revenue for the 26 weeks ended 28 December 2024. The reclassification has been applied to the comparative period for the purposes of calculating the revenue growth and LFL revenue growth percentages disclosed here. There are no impacts to any profit measures, balance sheet or cash flows for the 26 weeks ended 28 December 2024 as a result of the re-presentation.
- Retail revenue relates to all products and related delivery income sold to customers (both DIY and local trade), in stores or online, excluding those reported as Design & Installation Ranges.
- Design & Installation Ranges revenue includes all product categories which could be sold as part of a design and/or installation and where the majority of sales of those products are designed and/or installed. This relates principally to projects such as kitchens and bathrooms, sold by our Design Consultants, as well as Wickes Solar. Revenue is recognised when delivery and installation (where applicable) is complete. Design & Installation Ranges includes Wickes Solar from 21 May 2024 onwards.
- 26 weeks to 28 June 2025
- 26 weeks to 27 December 2025
- 52 weeks to 27 December 2025
- TradePro members deemed 'active' are those who have shopped with us in the last 12 months.
- Ordered sales refers to the value of orders at the point when the order has been placed.
- Stated before stamp duty and commission. Comprises £8m spent in the first half and £12m in the second half.
- As at 8 January 2026, consensus complied from all 10 covering analysts is for adjusted PBT in 2025 of a mean of £48.4m, with a range of £46.8m-£50.7m.
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