// Wickes raises its annual profit forecast after reporting a better-than-expected jump in sales
// The retailer’s adjusted pre-tax profits increased to £46.5 million for the six months to June 26
Wickes has seen its half year profits exceed expectations after it benefited from a boom in Brits looking to improve their homes during Covid-19 lockdowns.
The retailer now expects its full year adjusted pre-tax profit to come in towards the upper end of analysts’ expectations.
In the six months to June 26, the DIY retailer saw its adjusted pre-tax profit increase to £46.5 million, which was ahead of guidance of around £45 million.
In addition to this, like-for-like revenue rose by 33.1 per cent year-on-year and by 22.4 per cent on 2019.
Wickes said its digital strength and capability is continuing to underpin its performance with two thirds of sales driven by digital channels.
The retailer is now set to pay its first dividend since the demerger and listing on the London Stock Exchange.
Wickes chief executive David Wood said: “This is a strong first half performance underpinned by our attractive digitally-led, service-enabled proposition. In our first set of results since demerger, we have delivered an increase in sales and profits as we continue to help the nation feel house proud.
“As a business we have responded well to the increase in demand across our three routes to market, supporting all our customers. I would like to thank each of my colleagues for their continued hard work and support.”
Wood added: “While the immediate external environment remains volatile, we look to the future with confidence. We expect to deliver a full year adjusted Profit Before Tax towards the upper end of expectations, and beyond that, we have the right business model to win over more customers and capitalise on the growth opportunities within a large and growing home improvement market.”