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The Markets
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Retail

Wickes sees revenue pick up as installation business stabilises

Wickes Group PLC (LSE:WIX) saw revenue rise in its third quarter as trading within its design and installation business stabilised.

Group revenue increased by 2.1% to £391.3 million over the three months to September or by 0.4% on a like-for-like basis.

Retail revenue ticked up 4.7% to £312.1 million during the quarter but fell 7.1% to £79.2 million across Wickes’ design and installation business.

This followed a 17.3% decline in revenue for the installation wing over the first quarter and a 16.7% decrease in the second.

Wickes noted the business “was stabilising” against challenging conditions which had knocked demand for larger ticket purchases.

“Our excellent value and service-led offer keeps home improvers coming back to Wickes,” chief executive David Wood commented.

“We've seen pleasing further progress in retail successfully growing volumes and increasing market share.”

Wickes added it was on course to meet profit expectations for the year.

Shares climbed 0.7% on Tuesday.

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