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The Markets
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Proactive UK has moved.
Coverage of London’s small caps continues on proactiveinvestors.com
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The Markets
by Proactive
Proactive UK has moved.
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The Markets
by Proactive
Proactive UK has moved.
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Retail

Wickes rebounds as profits to hit 'top end' of forecasts

DIY chain Wickes Group PLC (LSE:WIX) shares surged by more than 11% as it said profits this year will be at the top end of market forecasts.

Repair sales had offset a slowdown in big-ticket purchases, the retailer reported.

Like-for-like sales to DIY customers and local trade professionals rose 2.6% in half year to December 28, up from growth of 0.6% in the first half.

The fall in design and installation sales had also slowed, it added, to 8.4%, against the 18.3% plunge seen in the previous six months, and rose in the latest three months.

Profits would now be at the top end of the £39.7 million to £44 million range expected in the market, the statement added.

Wickes said: “While the market environment for larger ticket purchases remains challenging and the outlook uncertain, the changes we made to the business enabled ordered sales to move into year-on-year growth in the fourth quarter.”

Shares rose to 170p.

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