Wickes Group PLC (LSE:WIX) saw flat revenues of £1.55 billion in 2023 and a slight increase in statutory profit before tax, rising to £41.1 million from £40.3 million in 2022.
The home improvements group also announced the majority stake acquisition of Solar Fast, signalling the group’s entrance into the solar installations sector.
“This acquisition enables us to accelerate our Design & Installation growth lever, capitalising on our expertise in installing major home improvement projects,” said chief executive David Wood.
Adjusted profit before tax for the year after the impact of SaaS investments was £52 million, which, despite being 31% down from 2022, exceeded market expectations.
This success is partly attributed to strong growth in the company's TradePro sales, which saw an 11% increase, with membership expanding to 881,000 from 746,000 in the previous year.
Profit margins were squeezed to 4.7% from 6.7% in 2022, reflecting “the impact of pressure on operating costs due to wage inflation, rising energy prices and other inflationary factors… coinciding with an environment of weaker consumer demand”.
Wickes maintained a steady dividend, announcing a final dividend of 7.3p per share, leading to a total dividend of 10.9p for the year. This move underscores the company's confidence in its financial health and its commitment to returning value to shareholders.
The group also announced a £25 million share buyback programme alongside the results.