REG - Wickes Group PLC - Full Year Results 2025
Today 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260317:nRSQ8530Wa&default-theme=true
RNS Number : 8530W Wickes Group PLC 17 March 2026
17 March 2026
Wickes Group Plc - Full Year Results 2025
for the 52 weeks to 27 December 2025
Strong market outperformance and adjusted PBT ahead of expectations
Accelerating investment in future growth with ambition to reach 300 stores
Financial Summary
• Total revenue of £1,636.2m (2024: £1,544.5m) +5.9% year-on-year
• Continued strong volume growth in Retail(1) with revenue +6.5%; momentum
continuing in Design & Installation(2) driving 4.4% revenue growth
• Adjusted profit before tax(3) +14.4% year-on-year to £49.9m (2024: £43.6m)
reflecting operating leverage, with strong productivity partially mitigating
cost inflation
• Statutory profit before tax of £48.7m (2024: £23.2m after non-cash
impairment charge)
• Net cash position of £91.7m (£86.3m) after growth investments and £44.8m
returned to shareholders. Average cash across the year of £153.0m (2024:
£144.3m)
• Final dividend declared of 7.3p (2024: 7.3p), giving a total of 10.9p for the
year (2024: 10.9p)
• New £10m share buyback announced today, in addition to £5-10m of purchases
for employee share schemes expected during 2026
Strategic Highlights
• Continued volume-led growth in Retail, driven by 9% TradePro sales growth,
with increase in active members(4) to 643,000 (2024: 581,000) and mid-single
digit growth in DIY sales
• Record Retail market share(5) with particular gains in timber, tiling &
flooring and paint
• Strong momentum in Design & Installation, driven by enhancements to the
business; five consecutive quarters of ordered sales growth and three
consecutive quarters of delivered sales growth
• Step up in technology investment as planned, to enhance the customer
experience and underpin future growth
• Proven store investment programme delivering returns. 5 new stores opened(6)
and 11 refits/refreshes completed. Accelerating investment in this growth
lever with ambition to reach 300 stores
• UK's #1 retailer in Financial Times Europe's Best Employers 2025
Current Trading & Outlook
Trading in the first 11 weeks of 2026 reflects the strength of our balanced
business model - while outdoor project demand has been impacted by wet
weather, we have experienced continued volume growth across indoor projects
and D&I.
Continued investment in our proven growth levers positions us well for 2026,
notwithstanding the uncertain consumer and geopolitical environment. We remain
comfortable with consensus expectations(7) for adjusted PBT in 2026.
Our spring trading update will be released in mid-May.
David Wood, Chief Executive of Wickes, commented:
"This has been another year of strong progress against our strategy. We've
achieved volume-driven growth across all three areas of the business, as the
strength of our proposition continues to resonate with customers. I would like
to thank all of my colleagues for their continued hard work and commitment.
"In Retail, we achieved record market share with particularly strong sales
across timber, tiling & flooring and paint, while TradePro continues to
perform strongly, growing to 643,000 active members. We're also pleased with
the performance of our Design & Installation business, which has now
recorded five consecutive quarters of ordered sales growth.
"Given the strength of investment returns from our proven store refit and new
store rollout strategy, we have today announced the decision to accelerate our
investment for future growth. This takes our ambition to reach 300 stores
nationwide - creating over 2,000 new jobs as we bring Wickes' distinctive
offer to new locations up and down the UK."
Summary of full year financial results
£m 52 weeks to 27 Dec 2025 52 weeks to Change
28 Dec 2024
Statutory revenue 1,636.2 1,544.5 5.9%
Retail 1,208.9 1,135.2 6.5%
Design & Installation Ranges 427.3 409.3 4.4%
Statutory gross profit 603.8 566.6 6.6%
Gross profit margin 36.9% 36.7% +0.2ppts
Statutory operating profit 70.6 47.3 49.3%
Operating profit margin 4.3% 3.1% +1.2ppts
Statutory profit before tax 48.7 23.2 109.9%
Adjusted(3) gross profit 605.9 565.1 7.2%
Adjusted gross profit margin 37.0% 36.6% +0.4ppts
Adjusted(3) operating profit 74.8 67.4 11.0%
Adjusted operating profit margin 4.6% 4.4% +0.2ppts
Adjusted(3) profit before tax 49.9 43.6 14.4%
Adjusted profit before tax margin 3.0% 2.8% +0.2ppts
Basic earnings per share 16.8p 7.7p 118.2%
Adjusted(3) basic earnings per share 17.4p 14.1p 23.4%
Full year dividend 10.9p 10.9p N/A
Investor & Analyst meeting
A presentation for investors and analysts will be held today at 8.30am (UK
time), followed by a Q&A with the Wickes management team. A live webcast
can be accessed here: https://brrmedia.news/WIX_FY
(https://brrmedia.news/WIX_FY)
A recording will be available on the Wickes Group Plc website after the event:
https://wickesplc.co.uk (https://wickesplc.co.uk)
Enquiries
Investors and Analysts Media
Holly Grainger Lucy Legh, Will Smith, Eleanor Evans
Director of Investor Relations PR Advisers to Wickes
+44 (0)7341 680426 +44 (0)203 805 4822
holly.grainger@wickes.co.uk (mailto:holly.grainger@wickes.co.uk) wickes@headlandconsultancy.com (mailto:wickes@headlandconsultancy.com)
About Wickes
Wickes is a digitally-led, service-enabled home improvement retailer,
delivering choice, convenience, value and best-in-class service to customers
across the United Kingdom, making it well placed to outperform its growing
markets. In response to gradual structural shifts in its markets over recent
years, Wickes has a balanced business focusing on three key customer journeys
- TradePro, DIY (together reported as Retail) and our project-based Design
& Installation division.
Wickes operates from its network of 230 right-sized stores, which support
nationwide fulfilment from convenient locations throughout the United Kingdom,
and through its digital channels including its website, TradePro mobile app
for trade members, and Wickes DIY app. These digital channels allow customers
to research and order an extended range of Wickes products and services,
arrange virtual and in-person design consultations, and organise convenient
Home Delivery or Click & Collect.
Forward looking statements
This announcement has been prepared by Wickes Group Plc. This announcement may
include statements that are, or may be deemed to be, "forward-looking
statements" (including words such as "believe", "expect", "estimate",
"intend", "anticipate" and words of similar meaning). To the extent it
includes forward-looking statements, these statements are based on current
plans, estimates, targets and projections, and are subject to inherent risks,
uncertainties and other factors which could cause actual results to differ
materially from the future results expressed or implied by such
forward-looking statements. Neither Wickes Group Plc, nor any of its officers,
Directors or employees, provides any representation, assurance or guarantee
that the occurrence of the events expressed or implied in any forward-looking
statements in this announcement will actually occur. Wickes Group Plc does not
undertake any obligation, other than in accordance with our legal and
regulatory obligations, to update or revise any forward-looking or other
statement, whether as a result of new information, future developments or
otherwise.
Business review
Market
Our total addressable market of home improvement, kitchens, bathrooms and home
energy solutions in the UK constitute a large market of c. £35bn(8). Within
this market we have a significant opportunity for long-term growth, given our
relatively small market share of around 5%. Spending on DIY in the UK is
driven by the high average age of the UK's housing stock, the rising number of
UK households and increasing home ownership(9). Specialist DIY sales are
forecast to continue growing, according to Mintel(9) driven by improving
consumer confidence and ongoing volumes of housing market transactions.
There are a number of macroeconomic trends which affect our market. Whilst the
Wickes home improver customer base has not been immune from cost of living
pressures (such as increased mortgage rates or rents), they tend to be
slightly older and more affluent than the UK average. Moving house is often a
trigger to undertake major home improvement projects over time and the rate of
UK housing transactions remains stable on an underlying basis(10). Wickes has
virtually no exposure to civil engineering or the new-build housing market,
given that our customers are mostly home improvers and independent
tradespeople.
The majority of Britain's 29 million homes(11) are over 60 years old, with one
in five over 100 years old(12) and this ageing housing stock drives an ongoing
need for repair and maintenance. Britain's homes are among the least energy
efficient in Europe, losing heat up to three times faster than in continental
Europe(13). The UK government estimates that 33% of homes with a loft do not
have loft insulation(14). At Wickes we are committed to helping our customers
improve the energy efficiency of their homes and save money on their energy
bills.
Our February 2026 Mood of the Nation survey showed that planned spend by UK
consumers on a new kitchen or bathroom has been stable over recent months,
whilst remaining below historical norms. The survey also showed that local
trade professionals remain busy, with over 30% of them having a pipeline of
work of more than 12 months. For DIYers it showed that there is continued
interest in home improvement, with one in two consumers planning to decorate a
room this year. Convenience and speed are becoming increasingly important,
with almost 60% of customers expecting faster deliveries and also prepared to
pay more for same-day service(15).
Progress against strategic growth levers
The Company's strategy, as outlined at the time of the 2021 demerger, has
delivered strong market outperformance and is centred around developing and
extending the Group's growth levers. These contribute to an improvement in our
products and services, saving our customers time and money. Continued
investment in the following growth levers will drive further market share
growth in the coming years:
1. Winning for trade
2. Accelerating Design & Installation
3. DIY category wins
4. Store investment
5. Digital capability
6. Enhanced store service model
7. A winning culture
1. Winning for trade
Our TradePro membership scheme continues to attract local traders, who choose
Wickes for its strong value credentials and simple discount scheme, high
quality products, availability on the lines that matter most, as well as the
convenience and speed of our fulfilment propositions.
Sales from TradePro members increased by 9% year-on-year. The strong growth in
the number of active customers to 643,000 was partially offset by a slight
decline in average basket size as tradespeople have been managing their
material quantities more carefully.
TradePro members benefit from our rewards programme, with access to special
deals on services such as skip hire, discounted fuel and great value lifestyle
discounts. We have further grown our B2B offering with 24 strategic
partnerships, providing access to a potential 400,000 trade customers.
We continue to use behavioural analytics to understand the drivers of average
spending by decile. Our proprietary and market-leading machine learning model,
the Mission Motivation Engine (MME), drives deeper customer relationships and
generates greater long term value.
2. Accelerating Design & Installation
The improved momentum within Design & Installation has continued, with
revenue increasing by 4.4% in the year, as customers are reacting positively
to the enhancements made to our kitchen and bathroom proposition. Ordered
sales(16) have remained in growth for five consecutive quarters, demonstrating
continued momentum as we annualise the return to ordered sales growth in Q4
2024. Delivered sales(17) have now been in positive growth for three
consecutive quarters, with LFL(18) growth in the second half of 6.1%.
This improvement has been driven by the enhancements we have made to the
business in what has remained a challenging market. In response to customer
feedback, we have simplified the customer journey and now present a unified
offering, rather than separate Bespoke and Wickes Lifestyle paths. This new
approach encompasses brochures, website, advertising and promotions. We have
streamlined the customer journey in store by ensuring that new customers are
able to interact directly with a Design Consultant as soon as they begin the
design process, and by increasing the availability of Design Consultants.
Customers are now able to book an appointment instantly with a Design
Consultant, through our website, in the store of their choice, replacing a
more cumbersome telephone booking system. We also use a technical solution for
scheduling installers, with our Customer Experience Centre overseeing the
multi-stage installation process. These enhancements have resulted in 94% of
customers responding that their Design & Installation with Wickes was
'excellent' or 'good'.
We have launched a number of strategic initiatives for 2025 and beyond, such
as range enhancements into high-end kitchen appliances such as SMEG. The
launch of eight new colour choices in our Wickes Lifestyle kitchens range has
expanded our breadth and enabled us to capture new customers, such as those
seeking pastel colours, like Ohio Pink. We launched a Paint to Order service
for premium kitchen cabinets in 2025 to offer further choice within our
Bespoke range.
We continue to leverage our brand, store footprint and digital presence to
build awareness of Wickes Solar. This includes Wickes Solar gondola-ends in
every store, in combination with the digital journey on the Wickes website. A
number of our Design Consultants have been trained to offer Wickes Solar in
store and in the home. We launched an online price estimator and established
transparent pricing, as well as a compelling finance offer. The market for
domestic solar installations in the UK is in long-term growth, with the market
estimated to be worth £1.5bn pa by 2028(19). It is a highly fragmented market
with no clear brand leader. With a trusted brand and significant experience
in design and installation services at scale, Wickes is well placed to be a
market leader in solar and other home energy solutions.
We held an investor insight event in October 2025 to showcase the strength and
competitive advantage of our D&I offer. The slides from the presentation
are available on our investor website.
3. DIY category wins
Our market share in Retail has reached record levels, with strength across
numerous categories, particularly in timber, tiling & flooring and paint.
We continue to grow our key strategic categories and thereby appeal to an ever
broader audience. One of the most significant changes this year was a full
update and reflow to our decorative ranges in store. As a key category in the
DIY market, continuing to evolve this proposition has been at the heart of our
product development and continued market share growth. Across Retail we
carried out 21 range reviews this year including doors, hardware, panelling,
power tools, plumbing, shelving & storage, screws & fixings.
Our Customer Satisfaction metrics remain very strong, with 85% of customers
responding that our Click & Collect service was 'excellent' or 'good' and
89% of customers responding that their home delivery was 'excellent' or
'good'.
We continue to focus on what matters to our customers, namely the certainty of
value, convenience and speed. We maintain a market-leading price position
against our wider peer group, to ensure our customers choose Wickes for value.
Our Click & Collect promise has been enhanced this year from 30 minutes
to just 15 minutes. Our Wickes Extra range offers customers easy access to
our extended range online. The launch of Wickes Rapid enables customers to
place orders of up to 800kg for local delivery to their home or site within
three hours. This highly differentiated service is available seven days per
week on over 10,000 SKUs.
4. Store investment
The strong performance of our existing and new stores, alongside our proven
ability to operate successfully in smaller footprint stores, has led us to
increase our ambition to 300 stores over the longer term.
Our new store opening programme is performing well and we are confident that
our new stores will deliver good economic returns once mature. Revenue and
margins from the 13 store-cohort opened over the last 3.5 years are on track
to meet our returns expectations, with a target 25% return on invested capital
(ROIC) in year five. The rollout of additional new stores will focus on white
space opportunities and under-served larger towns and cities.
In a number of existing stores we are trading successfully with a full Wickes
format in a smaller footprint. Although smaller than our Group average
footprint of 27,000 sq. ft.(20), these stores of 15,000-20,000 sq. ft. carry
approximately the same 9,000-10,000 SKU range as we stock on average across
the estate and generate approximately the same average store EBITDA of c.
£0.8m(21). Using a smaller store footprint will enable us to access a
greater number of potential target store locations, to serve catchments with
lower populations and to infill major urban areas.
Our refit programme continues to deliver good returns with strong sales
uplifts across the store. This is particularly seen in the Design &
Installation areas, where we are able to showcase our full offer of kitchens
and bathrooms. The refits also enable us to upgrade the efficiency of
multi-channel order pick and despatch, which drives higher sales densities,
underpins our enhanced 15-minute Click & Collect promise and increases
customer satisfaction metrics.
For 2026 we expect to open 4-5 new stores and we plan to refit or refresh
15-20 stores. During 2026 and 2027 we will be securing our future property
pipeline by identifying the most optimal locations, securing appropriate
commercial terms with landlords, gaining planning permissions and managing
construction. Our rollout will accelerate from 2028 onwards, when we expect
to be opening 10+ new stores per year and undertaking 20+ refits and refreshes
per year.
During 2025 we opened five new stores, in Leeds Moor Allerton, Bury St
Edmunds, Dunfermline, Southport and Northampton Riverside. Four out of the
five were formerly Homebase stores. We closed three stores (Muswell Hill
Kitchen & Bathroom, Croydon dark store and Southport Kitchen &
Bathroom) and ended the year with 230 stores. 190 stores, or 83% of the
network, are now in our new format, with two stores refitted in 2025 and a
further nine refreshed.
5. Digital capability
We continue to invest in our digital capabilities to underpin enhanced
customer experience and productivity.
A number of the initiatives undertaken in recent years continue to drive
growth, such as the introduction of direct-to-diary booking by customers for
their appointment with a Design Consultant, which has improved the proportion
of leads that continue through the sales funnel. Our proprietary and
market-leading machine learning model, the Mission Motivation Engine (MME),
delivers tailored content to customers to help them complete their home
improvement missions and this continues to drive incremental revenue. New
and improved functionality in our colleagues' handheld devices has enabled us
to achieve faster fulfilment times and thereby start offering a 15 minute
Click & Collect service, instead of 30 minutes, as well as launching the
Wickes Rapid service.
There are a number of projects which we are currently investing in to drive
future growth, such as our new design software. This will be rolled out to
Wickes Design Consultants in 2026 and will transform the customer experience
by unlocking new capabilities for faster, more inspirational design
visualisations. Also in 2026 we will begin the transformation of our till
systems into a unified commerce platform for a seamless online/in-store
customer experience and for improved store inventory management. We will
implement an order management system to simplify our ordering and fulfilment
capabilities and improve customer order accuracy, in two phases launching in
2026 and 2027.
6. Enhanced store service model
Our '4C' model aims to meet our customers' needs through all four of our store
network journeys: Self Serve, Assisted Selling, Order Fulfilment and the
Design & Installation showrooms. Our approach offers a seamless shopping
experience for customers and ensures that our store estate works hard for us.
Changes to the store estate have increased back of house capacity in recent
years for Click & Collect and Home Delivery Order Fulfilment, while
reducing the impact on customers in the store.
This unique service model leads to high levels of customer satisfaction,
including a 4.4 (Excellent) rating on Trustpilot.
7. A winning culture
We are proud of the Wickes culture which over the past 50 years has evolved to
become a modern, inclusive workplace where all colleagues can feel at home and
have the opportunity to grow their skills and develop their careers. We
continue to engage with colleagues so that they are informed, inspired and
motivated to play their part in delivering our strategy through exceptional
levels of customer service.
We are proud that Wickes has been voted the number 1 UK retailer in the
Financial Times survey of Europe's Best Employers 2025 and was ranked #87 out
of 1,000 companies.
Responsible Business Strategy update
In 2025 we have continued to focus on strategically important sustainability
topics as part of delivering our Responsible Business Strategy 'Built to
Last'.
The wellbeing and safety of our colleagues and customers remains a key
fundamental of our Responsible Business Strategy. We have taken a number of
important initiatives this year, such as developing new training for manual
handling. Our safety culture is centred around commitment and care and we make
it our priority to ensure that everyone who works and shops with us goes home
safe and well every single day.
Our progress continues to be recognised and we have increased our scores in a
number of prominent ESG ratings, including achieving an A- rating in CDP
Climate Change, maintaining a AAA rating in the MSCI ESG Ratings assessment
and continuing to be included in the FTSE4Good Index.
1. People
Inclusion and diversity remain central to our people strategy, as we build a
business we are proud of, where all our colleagues have the freedom to be
their authentic selves and are empowered to support their communities and
customers.
Through our commitment to our Employee Value Proposition and leadership
behaviours we are working towards our targets of achieving a gender-balanced
team across all roles and functions, and a business that reflects the
communities we serve through ethnic diversity and leadership ethnicity
balance.
The Wickes Community Programme, launched in 2022, continues to support people
across the UK to improve their local community spaces. In 2025 we supported
c. 2,500 projects in local communities across the country. The programme won
Best Community Engagement Programme at the 2025 Corporate Social
Responsibility (CSR) Awards.
Our two-year corporate charity partnership with The Brain Tumour Charity
completed in April 2025, and we successfully reached our target of raising £2
million for the charity, with the generosity of our customers, colleagues and
suppliers. The partnership was recognised by winning the Best Short Term
Partnership award at the Third Sector Business Charity Awards.
In May 2025 we launched a new two-year partnership with CALM, the suicide
prevention charity. We are delighted that we are well on the way to our £2
million fundraising target over two years, having fundraised c. £900,000 in
the first eight months and subsequently reached £1 million in February
2026.
2. Environment
We are committed to mitigating the risk that climate change poses to our
shared environment.
We remain on track to meet our Scope 1 and 2 near-term emissions reduction
targets. Like many of our peers in the retail sector, the majority of our
emissions come from our Scope 3 value chain. These relate mainly to the
manufacture of the products we sell, their transportation, their use and their
disposal at the end of life. We are working with our key strategic
suppliers, collaborating to decarbonise the home improvement industry.
Having already transitioned to a 100% renewable electricity contract, we now
also have air source heat pumps installed at 10 stores and solar generation
installed at 13 stores.
We remain active members of Make it Zero, the global home improvement sector's
Scope 3 reductions initiative and are actively engaged in the British Retail
Consortium's Climate Action Roadmap.
3. Homes
Wickes Solar is an important part of our strategic growth lever, to accelerate
Design & Installation.
We are proud to help customers choose home energy solutions which save energy
and reduce the carbon footprint of their homes.
We continue to track the proportion of our own brand products which support
sustainability, through supporting energy efficiency, supporting water
efficiency, containing recycled materials or containing responsibly sourced
timber.
Financial review
Summary
Our financial results have demonstrated the continuing strength of our
business model, delivering volume-driven profit outperformance in challenging
market conditions.
Revenue of £1,636.2m reflected 5.9% sales growth year-on-year. Retail sales
were driven by an increase in volumes in a mildly deflationary pricing
environment. The good momentum within Design & Installation continued,
with revenue increasing by 4.4% as customers are reacting positively to the
enhancements made to our kitchen and bathroom proposition.
Adjusted profit before tax increased by 14.4% to £49.9m (2024: £43.6m) and
statutory profit before tax increased by 109.9% to £48.7m (2024: £23.2m)
following a non-cash impairment charge which impacted 2024.
There was £91.7m of cash at the end of the period (2024: £86.3m), after
£24.8m of dividends and £20.0m of share buybacks(22).
Revenue
Revenue for the 52 weeks to 27 December 2025 was £1,636.2m (2024:
£1,544.5m), an increase of 5.9% on the prior year. LFL sales(18) for the
period were up 4.9%.
Retail revenue - sales from products sold to DIY customers and local trade
professionals - increased by 6.5% to £1,208.9m (2024: £1,135.2m). Retail LFL
revenue increased by 5.7%, driven by positive volume growth. Our TradePro
business continues to perform strongly, with sales up 9% year-on-year, as
local trade professionals continue to choose Wickes to save them time and
money. DIY sales were in mid-single digit growth, with volumes driven by
increasing customer transactions, reflecting the strength of the Wickes
offer.
Design & Installation delivered revenue(17) was £427.3m (2024: £409.3m),
an increase of 4.4%, as customers are reacting positively to the enhancements
made to our kitchen and bathroom proposition. Ordered sales(16) have
remained in growth for five consecutive quarters, demonstrating continued
momentum as we annualise the return to ordered sales growth in Q4 2024.
Delivered sales(17) have now been in positive growth for three consecutive
quarters.
Gross profit
Adjusted gross profit for 2025 was £605.9m, a 7.2% increase compared to the
prior year (2024: £565.1m). Adjusted gross margin increased by 44 basis
points, as a result of volume growth, category mix and lower consumer credit
costs.
Statutory gross profit of £603.8m (2024: £566.6m).
Operating profit
Adjusted operating profit of £74.8m increased by 11.0% year-on-year (2024:
£67.4m) due to revenue growth driving operational leverage, in addition to
our productivity programme having helped to mitigate cost inflation.
Investment in digital, distribution initiatives and property stepped up in
H2, as guided. The adjusted operating profit margin increased to 4.6% (2024:
4.4%).
Statutory operating profit increased by 49.3% to £70.6m (2024: £47.3m).
Net finance costs
Net finance costs were £21.9m (2024: £24.1m), principally comprising finance
costs relating to the IFRS 16 interest charge on leases, partially offset by
interest income earned on cash balances.
Adjusted profit before tax
Adjusted profit before tax was £49.9m (2024: £43.6m), an increase of 14.4%
year-on-year, reflecting the strong performance outlined above.
Adjusting items
Pre-tax adjusting item charges were £1.2m (2024: £20.4m). These comprise
charges related to derivative fair value losses on foreign exchange contracts
of £2.1m (2024: gain of £1.5m), a right-of-use asset impairment charge of
£1.7m (2024: £12.3m), an impairment charge related to the Solar Fast brand
of £0.3m (2024: nil) and an impairment charge related to property, plant and
equipment of £0.2m (2024: £5.8m), offset by a gain on the fair value of call
options of £3.0m (2024: nil) and a restructuring provision release of £0.1m
(2024: restructuring costs of £4.0m).
Profit before tax
Profit before tax increased to £48.7m (2024: £23.2m) reflecting the factors
noted above and a non-cash impairment charge in the prior year.
Tax
The tax charge for the period was £10.9m (2024: £4.8m). The effective tax
rate for the period was 22.4% (2024: 20.3%), which differs from the UK
corporation tax rate of 25% principally due to UTP reversals.
Tax charge on adjusting items was £1.0m (2024: £4.9m) and there was an
adverse prior year tax adjustment of £1.2m (2024: nil).
Investment and capital expenditure
Capital expenditure of £28.7m (2024: £26.1m) was lower than expected, due to
the phasing of some capital investment projects.
The largest component of capex was £15.2m investment in the store estate
(2024: £13.3m), of which new stores were £9.2m, refits and refreshes £5.4m
and other store capex across the estate £0.6m. There was £4.4m capex
investment in our digital capabilities (2024: £4.8m), as we continue to
develop our multi-channel offer.
We expect capital expenditure for 2026 to be £40-45m, driven by an
acceleration in our store network rollout and further IT capital expenditure,
as we continue to enhance our operating systems and customer experience. In
addition we expect investment in technology projects, expensed in the income
statement, of £18-20m.
Cash / net debt
Cash at the end of the period was £91.7m (2024: £86.3m), reflecting a strong
performance in the year. This was slightly higher than anticipated due to a
healthy order book in Design & Installation, as well as the phasing of
some capital investment projects. Average cash across the year was £153.0m
(2024: £144.3m), reflecting our normal cycle of working capital.
Operating profit increased year-on-year, resulting in cash flows from
operations of £184.3m (2024: £172.0m). Cash inflows related to working
capital movements were £21.8m(23) (2024: £1.4m outflow), reflecting a
healthy order book in Design & Installation, higher capex accruals and
improved creditor payment terms. Cash outflows from financing activities of
£170.6m (2024: £158.5m) include £114.0m (2024: £114.4m) related to lease
liabilities, £24.8m dividend payments (2024: £26.1m), £20.0m of share
buybacks(22) (2024: £15.1m) and £12.5m of share purchases for the Employee
Benefit Trust(24) (2024: nil).
Inventories increased slightly to £199.4m (2024: £192.9m).
Dividend
The Board has recommended a final dividend of 7.3p per share, which will be
paid on 5 June 2026 to shareholders on the register at the close of business
on 24 April 2026.
The shares will be quoted ex-dividend on 23 April 2026. Shareholders in the UK
may elect to reinvest their dividend in the Dividend Reinvestment Plan (DRIP).
The last date for receipt of DRIP elections and revocations will be 14 May
2026.
Share buyback
The £20m 2025 share buyback programme was completed in December 2025. A new
share buyback programme of £10m has been announced today and will commence in
due course.
Technical guidance
The following represents guidance for the full year 2026:
• Net interest costs of £25-27m
• Effective tax rate 25-27%
• Capex of £40-45m(25)
• 2025 working capital benefit to unwind by £5-10m
• £5-10m purchases for employee share schemes
• New £10m share buyback programme announced for 2026
• Plan to start increasing dividend and cover as profits grow, within our
dividend cover range of 1.5-2.5x
Appendix
LFL sales growth(18) Q1 Q2 Q3 Q4
13 weeks to 13 weeks to 13 weeks to 27 Sept 13 weeks to
29 March 28 June 27 Dec
Retail 4.4% 7.9% 5.6% 4.5%
Design & Installation Ranges (5.6)% 3.5% 7.0% 5.2%
Group 1.6% 6.9% 5.9% 4.7%
Risks and Uncertainties
Wickes has a formal risk management process to help the Group reinforce its
short, medium and long term success, safeguard value and enable it to meet and
exceed the expectations of stakeholders.
A detailed explanation of the risks and uncertainties which were identified
for 2025 can be found on pages 63 to 69 of the Annual Report and Accounts
2025. The principal risks and uncertainties comprise:
• Cyber and data security • Climate change
• Business change • People and safety
• Brand integrity and reputation • Commercial and supply chain
• Legal and regulatory compliance • Financial management
• IT operations • Customer experience
• Growth strategy • Stores, distribution and installations
The Board continues to review changes to risks and uncertainties that may
arise, remaining mindful of the external environment.
Footnotes
1) Retail revenue refers 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.
2) Design & Installation 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, bathrooms and solar, sold by our
Design Consultants. Revenue is recognised when delivery and installation
(where applicable) is complete. Design & Installation includes Wickes
Solar from 21 May 2024 onwards.
3) See note 2 of the financial statements and both the Reconciliation of
Alternative Performance Measures note and the Alternative Performance Measures
note for a detailed explanation of these items.
4) Active members of the TradePro scheme are defined as those who have shopped
with us in the last 12 months.
5) GfK GB point of sale data, sourced from GfK DIY Category Reporting December
2025.
6) Three stores were closed and we ended the year with 230 stores.
7) Consensus adjusted PBT for FY 2026 is £57.6m as at 19 February 2026, with
a range of £52.0m to £59.8m.
8) Comprised of c£19bn market for home improvement products; c£11bn market
for kitchens and bathrooms, of which c£7bn products and c£4bn installation
services; c£5bn market for home energy solutions (excluding double glazing)
of which c£2bn products and c£3bn installation services. Source: GfK
(excluding builders' merchants), Mintel, KBB, Gower and Wickes internal
forecasts.
9) Source: Mintel UK DIY Retailing report, June 2025.
10) HM Revenue & Customs monthly property transactions completed in the UK
with a value of £40,000 or above, December 2025.
11) ONS Families and Households in the UK
12) BRE Trust, February 2020
13) Decarbonising Buildings: Insights from Across Europe, published by the
Grantham Institute - Climate Change and the Environment at Imperial College
London, December 2022.
14) Department for Energy Security & Net Zero, Household Energy
Efficiency, 28 March 2024.
15) Source: Metapack Ecommerce Delivery Benchmark Report, Retail Economics in
partnership with Auctane, February 2025.
16) Ordered sales refers to the value of orders at the point when the order
has been agreed.
17) Delivered sales refers to the revenue which is recognised when the Group
has satisfied its performance obligation to the customer and the customer has
obtained control of the goods or services being transferred.
18) For a definition of like-for-like ('LFL') sales, see note 3 of the
financial statements.
19) Source: Wood Mackenzie UK PV Capacity Forecast.
20) Gross internal area, measured in square feet
21) On an ordered sales basis. The smaller footprint stores comprise a basket
of 22 stores which have been trading for more than one year.
22) Before stamp duty and commission.
23) Excludes £3.5m of accrued capex spend.
24) Before stamp duty and commission and after SAYE cash receipts.
25) Excludes impact of investment in technology projects expensed in the
P&L.
Consolidated income statement and other comprehensive income
(£m) Notes 52 weeks ended 27 December 2025 52 weeks ended 28 December 2024
Revenue(1) 3 1,636.2 1,544.5
Cost of sales(1) (1,032.4) (977.9)
Gross profit 603.8 566.6
Selling costs (359.3) (364.9)
Administrative expenses (173.9) (154.4)
Operating profit 70.6 47.3
Finance income(2) 4 10.2 7.3
Finance costs(2) 4 (32.1) (31.4)
Profit before tax 48.7 23.2
Tax 6 (10.9) (4.8)
Profit for the period and total comprehensive income 37.8 18.4
Attributable to:
Owners of the parent 38.5 18.1
Non-controlling interest (0.7) 0.3
Profit for the period and total comprehensive income 37.8 18.4
Earnings per share
Basic 7 16.8p 7.7p
Diluted 7 16.4p 7.5p
Adjusted results(3)
Adjusted gross profit 605.9 565.1
Adjusted operating profit 74.8 67.4
Adjusted profit before tax 49.9 43.6
Adjusted profit after tax 39.2 33.9
Adjusted basic earnings per share 7 17.4p 14.1p
Adjusted diluted earnings per share 7 17.0p 13.9p
( )
(1) Comparative information in respect of revenue and cost of sales has been
amended for delivery income. For details of the re-presentation, see note 3.
(2) Comparative information in respect of finance income and costs have been
re-presented to show the figures gross, as per note 4.
(3) Defined in note 5 unless stated otherwise
Consolidated balance sheet
(£m) As at As at
27 December
28 December
2025
2024
Assets
Non-current assets
Goodwill 12.6 12.6
Other intangible assets 6.1 10.0
Property, plant and equipment 116.6 113.3
Right-of-use assets 579.9 562.5
Derivative financial instruments 3.0 0.2
Deferred tax asset 26.1 29.8
Total non-current assets 744.3 728.4
Current assets
Inventories 199.4 192.9
Trade and other receivables 63.7 70.6
Derivative financial instruments - 0.7
Cash and cash equivalents 91.7 86.3
Corporation tax 1.6 -
Total current assets 356.4 350.5
Total assets 1,100.7 1,078.9
Equity and Liabilities
Capital and reserves
Issued share capital 23.3 24.2
Capital redemption reserve 2.7 1.8
EBT share reserve (13.7) (0.5)
Other reserves (785.7) (785.7)
Retained earnings 903.9 905.5
Equity attributable to owners of the parent 130.5 145.3
Non-controlling interest 0.4 1.1
Total equity 130.9 146.4
Non-current liabilities
Lease liabilities 635.5 624.9
Long-term provisions 1.8 1.4
Total non-current liabilities 637.3 626.3
Current liabilities
Lease liabilities 84.3 80.4
Trade and other payables 237.5 212.6
Corporation tax - 3.5
Derivative financial instruments 1.3 -
Short-term provisions 9.4 9.7
Total current liabilities 332.5 306.2
Total liabilities 969.8 932.5
Total equity and liabilities 1,100.7 1,078.9
The consolidated financial statements of Wickes Group Plc, registered number
12189061, were approved by the Board of Directors on 16 March 2026 and signed
on its behalf by:
David Wood Mark George
Chief Executive Officer Chief Financial Officer
Consolidated statement of changes in equity
(£m) Notes Issued Capital redemption reserve EBT Other Retained Total
share
share
reserves
earnings
equity
capital
reserve
At 30 December 2023 25.2 0.8 (0.7) (785.7) 923.7 163.3
Profit for the period and other comprehensive income - - - - 18.1 18.1
Dividends paid 9 - - - - (26.1) (26.1)
Share buyback and cancellation (1.0) 1.0 - - (15.1) (15.1)
Equity-settled share-based payments - - 0.2 - 3.4 3.6
Tax on equity-settled share-based payments - - - - 1.5 1.5
Owners of the parent 24.2 1.8 (0.5) (785.7) 905.5 145.3
Retained Earnings attributable to non-controlling interest - - - - 1.1 1.1
At 28 December 2024 24.2 1.8 (0.5) (785.7) 906.6 146.4
Profit for the period and other comprehensive income - - - - 38.5 38.5
Dividends paid 9 - - - - (24.8) (24.8)
Share buyback and cancellation (0.9) 0.9 - - (20.1) (20.1)
Purchase of own shares - - (18.1) - - (18.1)
Equity-settled share-based payments - - 4.9 - 5.1 10.0
Tax on equity-settled share-based payments - - - - (0.3) (0.3)
Owners of the parent 23.3 2.7 (13.7) (785.7) 903.9 130.5
Retained Earnings attributable to non-controlling interest - - - - 0.4 0.4
At 27 December 2025 23.3 2.7 (13.7) (785.7) 904.3 130.9
Consolidated cash flow statement
(£m) Notes 52 weeks 52 weeks
ended
ended
27 December
28 December
2025
2024
Cash flows from operating activities
Operating profit 70.6 47.3
Adjustments for:
Amortisation of other intangible assets 6.0 6.6
Depreciation of property, plant and equipment 22.1 22.3
Depreciation of right-of-use assets 76.6 76.7
Impairment of other intangible assets 0.3 -
Impairment of property, plant and equipment 0.2 5.8
Impairment of right-of-use assets 1.7 12.3
Reversal of impairment of right-of-use assets - (1.3)
Gains on terminations of leases (0.2) -
Losses on disposal of property, plant and equipment 0.5 0.3
Derivative fair value losses/(gains) 2.1 (1.5)
Share-based payments 4.4 3.5
Operating cash flows 184.3 172.0
Movements in working capital:
(Increase)/decrease in inventories (6.5) 3.2
Decrease in trade and other receivables 6.8 4.0
Increase/(decrease) in trade and other payables 21.4 (7.1)
Increase)/(decrease) in provisions 0.1 (1.5)
Cash generated from operations 206.1 170.6
Income taxes paid (12.2) (8.6)
Net cash inflow from operating activities 193.9 162.0
Cash flows from investing activities
Purchases of property, plant and equipment (22.8) (24.6)
Development costs of computer software (2.4) (1.5)
Proceeds on disposal of property, plant and equipment - 6.3
Acquisition of business net of cash acquired - (2.3)
Interest received 7.3 7.4
Net cash outflow from investing activities (17.9) (14.7)
Cash flows from financing activities
Interest paid (1.1) (1.4)
Interest on lease liabilities (31.1) (30.1)
Payment of principal of lease liabilities (82.9) (84.3)
Lease incentives received 1.9 0.9
Own shares purchased for share schemes (12.5) -
Share buyback (20.1) (15.1)
Dividends paid to equity holders of the parent 9 (24.8) (26.1)
Dividends paid to non-controlling interest - (2.4)
Net cash outflow from financing activities (170.6) (158.5)
Net increase in cash and cash equivalents 5.4 (11.2)
Cash and cash equivalents at the beginning of the period 86.3 97.5
Cash and cash equivalents at the end of the period 91.7 86.3
Adjusting items
Adjusting items paid included in the cash flow - 4.9
Total pre-tax Adjusting items 5 1.2 20.4
Notes to the financial statements
1 General information and accounting policies
The Group's principal accounting policies are set out in the Annual Report and
Accounts, which is available from 17 March 2026 on the Company's website
www.wickes.co.uk
2 Statutory accounts
The financial information set out above does not constitute the company's
statutory accounts for the financial years ended 27 December 2025 or 28
December 2024 but is derived from those accounts. Statutory accounts for 28
December 2024 have been delivered to the registrar of companies, and those for
27 December 2025 will be delivered in due course.
The auditor has reported on those accounts; their reports were (i)
unqualified, (ii) did not include a reference to any matters to which the
auditor drew attention by way of emphasis without qualifying their report and
(iii) did not contain a statement under section 498 (2) or (3) of the
Companies Act 2006.
3 Revenue
The Group has one operating segment in accordance with IFRS 8 'Operating
Segments', which is the retail of home improvement products and services, both
in stores and online.
The Chief Operating Decision Maker is the Executive Board of Directors.
Internal management reports are reviewed by them on a regular basis.
Performance of the segment is assessed based on a number of financial and
non-financial KPIs as well as on profit before taxation.
The Group identifies two distinct revenue streams within its operating segment
which are analysed below.
Both revenue streams operate entirely in the United Kingdom. The Group's
revenue is driven by a large number of individual small value transactions and
as a result, Group revenue is not reliant on a major customer or group of
customers.
Revenue 52 weeks 52 weeks
ended
ended
(£m)
27 December
28 December
2025
2024
Retail 1,208.9 1,135.2
Design & Installation 427.3 409.3
1,636.2 1,544.5
Re-presentation of delivery income in comparative figures
The Directors have reviewed their presentation of revenue arising from
delivery charges and have now disclosed delivery income within Revenue, which
was previously recognised net within Cost of Sales. For the 52 weeks ended 28
December 2024, £5.7m has been re-presented from Cost of Sales to Revenue, of
which £5.4m has been allocated to Retail and £0.3m to Design &
Installation Ranges.
The revenue reconciliation and like-for-like sales disclosed below have also
been re-presented. This has resulted in the 'decrease arising on a
like-for-like basis' reducing from £31.3m (2.0%) to £31.0m (2.0%) for the 52
weeks ended 28 December 2024.
There are no impacts to any profit measures, balance sheet or cash flows for
any of the periods reported as a result of the re-presentation.
Re-presentation of revenue streams in comparative figures
In the 52 week period ended 28 December 2024, sales of Wickes Lifestyle
Kitchens which included a design element were classified as Design &
Installation revenue, whereas self-serve purchases of the Wickes Lifestyle
Kitchen range were classified as Retail revenue. From the start of FY 2025,
the Group has changed the presentation of the two revenue streams currently
within its operating segment from 'Retail' and 'Design & Installation', to
'Retail' and 'Design & Installation Ranges' respectively.
For the 52 weeks ended 28 December 2024, £82.5m of revenue has been
re-allocated from Retail to Design & Installation Ranges. This aligns the
presentation with how revenue streams are monitored internally, bringing all
kitchen and bathroom sales into one reported revenue category, Design &
Installation Ranges. Solar sales continue to be included in Design &
Installation Ranges.
There is no impact on any of the profit measures, balance sheet or cash flow
statement for any of the periods reported.
Revenue reconciliation and like-for-like adjusted revenue 52 weeks 52 weeks
ended
ended
(£m)
27 December
28 December
2025
2024
Revenue 1,636.2 1,544.5
Network change (20.2) (21.4)
Revenue generated by business acquired in the period (5.4) (10.0)
Revenue (like-for-like basis) 1,610.6 1,513.1
Prior period revenue 1,544.5 1,559.2
Prior period network change (8.6) (15.1)
Prior period revenue generated by acquired business (Gas Fast Limited) (0.4) -
Prior period revenue (like-for-like basis) 1,535.5 1,544.1
Increase/(decrease) arising on a like-for-like basis 75.1 (31.0)
Like-for-like revenue (%) 4.9% (2.0)%
Calculating like-for-like revenue enables management to monitor the
performance trend of the business period-on-period. It also gives management a
good indication of the health of the business compared to competitors.
Like-for-like revenue is a measure of underlying sales performance for two
successive periods. Branches and stores contribute to like-for-like revenue
once they have been trading for more than twelve months, or for acquisitions
once the results have been fully consolidated for 12 months. Revenue included
in like-for-like revenue is for the equivalent times in both periods being
compared. When stores close, revenue is excluded from the prior period figures
for the months equivalent to the post closure period in the current period.
These movements are explained by the Network change amounts. The Network
change number varies year on year as it represents a different number of
stores.
4 Net finance costs
52 weeks 52 weeks
ended
ended
27 December
28 December
2025
2024
Finance income
Interest receivable 7.2 7.3
Fair value adjustment to call option 3.0 -
10.2 7.3
Finance costs
Interest on lease liabilities (31.1) (30.1)
Amortisation of loan arrangement fees (0.2) (0.3)
Commitment fee on revolving credit facilities (0.6) (0.7)
Revolving credit facility amendment costs - (0.3)
Other interest (0.2) -
(32.1) (31.4)
Net finance costs (21.9) (24.1)
5 Reconciliation of alternative profit measures
Adjusted profit measures are an alternative performance measure used by the
Board to monitor the operating performance of the Group. Adjusting items are
those items of income and expenditure that, by reference to the Group, are
material in size or unusual in nature or incidence and that in the judgement
of the Directors should be disclosed separately to ensure both that the reader
has a proper understanding of the Group's financial performance and that there
is comparability of financial performance between periods.
Items of income or expense that are considered by the Directors for
designation as adjusting items include, but are not limited to, significant
restructurings, incremental costs relating to corporate transactions,
significant write downs or impairments (and reversals) of current and
non-current assets, the effect of changes in corporation tax rates on deferred
tax balances and net unrealised gains and losses on measurement of derivatives
held at fair value.
(£m) 52 weeks ended 27 December 2025
Gross profit Operating profit Profit before tax Profit after tax
Statutory performance measures 603.8 70.6 48.7 37.8
Derivative fair value losses 2.1 2.1 2.1 2.1
Call option fair value gains - - (3.0) (3.0)
Property, plant and equipment impairment charge - 0.2 0.2 0.2
Right-of-use asset impairment charge - 1.7 1.7 1.7
Solar Fast brand impairment charge - 0.3 0.3 0.3
Restructuring costs - (0.1) (0.1) (0.1)
Tax on adjusting items - - - (1.0)
Tax prior year adjustment - - - 1.2
Total adjustments to statutory performance measures 2.1 4.2 1.2 1.4
Adjusted performance measures 605.9 74.8 49.9 39.2
(£m) 52 weeks ended 28 December 2024
Gross profit Operating profit Profit before tax Profit after tax
Statutory performance measures 566.6 47.3 23.2 18.4
Derivative fair value gains (1.5) (1.5) (1.5) (1.5)
Property, plant and equipment impairment charge - 5.8 5.8 5.8
Right-of-use asset impairment charge - 12.3 12.3 12.3
Reversal of impairment of right-of-use asset recognised in prior periods - (1.3) (1.3) (1.3)
Restructuring costs - 4.0 4.0 4.0
Solar Fast acquisition costs - 0.8 0.8 0.8
Revolving credit facility (RCF) extension costs - - 0.3 0.3
Tax on adjusting items - - - (4.9)
Total adjustments to statutory performance measures (1.5) 20.1 20.4 15.5
Adjusted performance measures 565.1 67.4 43.6 33.9
Foreign exchange derivative fair value movements
The Group recognises the potential for high levels of foreign exchange rate volatility and looks to mitigate its economic impact on financial performance by hedging planned future foreign currency purchases using foreign currency derivatives. The Group does not take advantage of the hedge accounting rules provided for in IFRS 9 since that standard requires certain stringent criteria to be met to hedge account, which, in the circumstances of the Group, are considered by the Board not to bring any significant economic benefit. As a result, IFRS requires that fair value gains or losses on these derivatives be recognised in the income statement.
In order to reflect the economic outcome of the forward contracts (derivatives), the impact of fair value movement on the derivatives has been removed in the underlying results. During the 52 weeks ended 27 December 2025 this adjustment was a net loss of £2.1m in cost of goods sold (52 weeks ended 28 December 2024: gain of £1.5m).
Call option derivative fair value movements
The Group holds an option to acquire the remaining 49% shareholding of Gas Fast Limited. This derivative is remeasured to its fair value at the end of each reporting period. The value of the option reflects the Group's estimate of what a market participant would be prepared to offer the Group for the right to purchase that call option. Changes to the fair value of this option may not be reflective of the Group's trading activity in the period. During the period, a derivative asset of £3m was recognised (52 weeks ended 27 December 2025: £nil) and reflected within finance income on the Income Statement.
Right-of-use asset and property, plant and equipment impairment charges
In the period ended 27 December 2025, 4 stores were identified as impaired
with a resulting impairment charge of £1.9m, £1.7m to right of use assets
and £0.2m to property plant and equipment.
In the period ended 28 December 2024, 27 stores were identified as impaired with a resulting impairment charge of £18.1m, £12.3m to right of use assets and £5.8m to property plant and equipment. Furthermore, 1 store was identified as having an impairment reversal of £1.3m all to right of use assets.
Solar Fast brand impairment
In the period ended 27 December 2025, the Group fully impaired the intangible
asset related to the 'Solar Fast' brand (£0.3m) following the decision to
re-brand all marketing material related to PV panels to Wickes Solar.
Restructuring costs
In the period ended 27 December 2025, there was a £0.1m release of a
provision that was recognised in relation to restructuring programmes
originally recognised in the period ended 28 December 2024.
Tax prior year adjustment
During the current period, the Group identified that a historical £1.2m
deferred tax liability with respect to goodwill on the acquisition of Focus
DIY stores acquired in 2007 and 2011 had not been recognised by the Group at
the time the Group listed publicly in 2021. In recognising the deferred tax
liability, a prior year deferred tax charge of £1.2m has been recorded in the
current period. There is no impact on tax paid or to be paid, whilst the tax
charge is not reflective of trading activity in the period, is not a revision
to a previously estimated tax position and is considered to be one-off in
nature.
6 Taxation
(£m) 52 weeks 52 weeks
ended
ended
27 December
28 December
2025
2024
Current tax
UK corporation tax expense 12.2 12.3
UK corporation tax adjustment in respect of prior periods (4.7) (2.2)
Total current tax charge 7.5 10.1
Deferred tax
Deferred tax movement in period (3.5) (5.7)
Effect of change in tax rate - (0.1)
Adjustments in respect of prior periods 6.9 0.5
Total deferred tax charge 3.4 (5.3)
Total tax charge 10.9 4.8
The differences between the total tax charge and the amount calculated by
applying the standard rate of UK corporation tax of 25.0% (52 weeks ended 28
December 2024: 25.0%) to the profit before tax for the Group are as follows:
(£m) 52 weeks 52 weeks
ended
ended
27 December
28 December
2025
2024
Profit before taxation 48.7 23.2
Tax at the standard corporation tax rate 12.2 5.9
Effects of:
Depreciation of non-qualifying property 0.4 0.4
Tax effect of non-taxable income and non-deductible expenses (1.0) -
Adjustments to prior period 2.1 (1.7)
Effect of share based payments - 0.2
Impact of uncertain tax positions (2.8) -
Total tax charge 10.9 4.8
The effective tax rate for the period is 22.4% (52 weeks ended 28 December
2024: 20.3%). The effective tax rate was lower than the standard rate
primarily due to the impact of non-taxable income and revisions to historical
capital allowances, the latter being presented in uncertain tax positions,
partially offset by adjustments related to the prior period. This adjustment
and its tax effect do not provide a guide to the Group's future tax charge.
The Group is within the scope of the OECD Pillar Two model rules and the UK's
domestic implementation of the Global Minimum Tax, which applies for
accounting periods beginning on or after 31 December 2023. The Group operates
exclusively in the United Kingdom and is therefore subject only to UK
taxation. Based on the assessment performed for the period, the Group's
effective tax rate for Pillar Two purposes exceeds the minimum rate of 15%.
Accordingly, no UK top-up tax has arisen for the period. As at the reporting
date, the Group has not recognised any current or deferred tax assets or
liabilities in respect of Pillar Two taxes.
7 Earnings per share
Basic earnings per share is calculated by dividing the profit attributable to
equity holders of the Company by the weighted average number of ordinary
shares outstanding during the 52 week period ended 27 December 2025.
(£m) 52 weeks 52 weeks
ended
ended
27 December
28 December
2025
2024
Profit attributable to the owners of the Parent 38.5 18.1
(No.)
Weighted average number of ordinary shares 238,367,214 245,621,601
Adjustment for weighted average number of ordinary shares held in EBT (9,100,822) (4,861,137)
Weighted average number of ordinary shares in issue 229,266,392 240,760,464
Basic earnings per share (in pence per share) 16.8p 7.7p
For diluted earnings per share, the weighted average number of ordinary shares
in issue is adjusted to include all dilutive potential ordinary shares arising
from share options.
(£m) 52 weeks 52 weeks
ended
ended
27 December
28 December
2025
2024
Profit attributable to the owners of the Parent 38.5 18.1
(No.)
Weighted average number of ordinary shares in issue 229,266,392 240,760,464
Diluted effect of share options on potential ordinary shares 5,502,259 3,714,321
Diluted weighted average number of ordinary shares in issue 234,768,651 244,474,785
Diluted earnings per share (in pence per share) 16.4p 7.5p
The Directors believe that EPS excluding Adjusting items ('Adjusted EPS')
reflects the underlying performance of the business before the impact of
unusual or one off events and assists in providing the reader with a
consistent view of the trading performance of the Group.
Reconciliation of profit after taxation to profit after taxation excluding Adjusting items ('Adjusted profit'):
(£m) 52 weeks 52 weeks
ended
ended
27 December
28 December
2025
2024
Profit attributable to the owners of the parent from continuing operations 38.5 18.1
Adjusting items before tax 1.2 20.4
Tax on adjusting items (1.0) (4.9)
Tax prior year adjustment 1.2 -
Adjusting items after tax (note 5) 1.4 15.5
Adjusted profit attributable to the owners of the parent 39.9 33.6
Weighted average number of ordinary shares in issue 229,266,392 240,760,464
Weighted average number of dilutive ordinary shares in issue 234,768,651 244,474,785
Adjusted basic earnings per share (in pence per share) 17.4p 14.1
Adjusted diluted earnings per share (in pence per share) 17.0p 13.9
8 Movement in lease liability net debt
(£m) Cash and cash equivalents Lease Total
liability
At 30 December 2023 97.5 (675.8) (578.3)
Decrease in cash and cash equivalents (11.2) - (11.2)
Repayment of lease liabilities - 114.4 114.4
Discount unwind on lease liability - (30.1) (30.1)
Lease additions - (60.7) (60.7)
Lease modifications - (53.0) (53.0)
Lease incentives received - (0.9) (0.9)
Lease terminations - 0.8 0.8
At 28 December 2024 86.3 (705.3) (619.0)
Increase in cash and cash equivalents 5.4 - 5.4
Repayment of lease liabilities - 114.0 114.0
Discount unwind on lease liability - (31.1) (31.1)
Lease additions - (17.6) (17.6)
Lease modifications - (78.3) (78.3)
Lease incentives received - (1.9) (1.9)
Lease terminations - 0.4 0.4
At 27 December 2025 91.7 (719.8) (628.1)
Balances As at As at
27 December
28 December
(£m)
2025
2024
Cash and cash equivalents 91.7 86.3
Current lease liabilities (84.3) (80.4)
Non-current lease liabilities (635.5) (624.9)
Lease liability net debt (628.1) (619.0)
9 Dividends
(£m) As at As at
27 December
28 December
2025
2024
Amounts recognised in the financial statements as distributions to equity
shareholders are shown below:
· final dividend for the 52 weeks ended 28 December 2024 of 7.3 pence (52 16.7 17.6
weeks ended 30 December 2023: 7.3 pence)
· interim dividend for the 52 weeks ended 27 December 2025 of 3.6 pence 8.1 8.5
(52 weeks ended 28 December 2024: 3.6 pence)
Total dividend 24.8 26.1
A final dividend of 7.3p is proposed in respect of the 52 weeks ending 27
December 2025. It will be paid on 5 June 2026 to shareholders on the register
at the close of business on 24 April 2026 (the Record Date). The shares will
be quoted ex-dividend on 23 April 2026.
Shareholders may elect to reinvest their dividend in the Dividend Reinvestment
Plan (DRIP). The last date for receipt of DRIP elections and revocations will
be 14 May 2026.
10 Events after the reporting period
Following the successful completion of the 2025 share buyback programme under
which the Company purchased and cancelled £20 million of its shares, the
Company has approved a new £10m share buyback programme for 2026.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END FR GPUWUWUPQGRQ
Copyright 2019 Regulatory News Service, all rights reservedRecent news on Wickes
See all newsREG - Wickes Group PLC - Publication of the Annual Report & Accounts 2025
AnnouncementREG - Wickes Group PLC - Full Year Results 2025
AnnouncementREG - Wickes Group PLC - TR1 Notification of Major Interest
AnnouncementREG - Wickes Group PLC - TRI Notification of Major Interest
AnnouncementREG - Wickes Group PLC - TR1 Notification of Major Interest
Announcement