Wickes profits fall despite ‘strong progress’ and growing market share

Wickes reported adjusted profit before tax of £43.6m for the 52 weeks to December 28, 2024, down from £52m in 2023 as a weakened demand for big-ticket items continued to take toll.

Total revenue for the full-year fell 1% year on year from £1.55bn in 2023 down to £1.54bn, while retail revenue was up 1.9% but design and installation revenue fell 10.5% during the year.

Wickes said it sees “significant opportunity for long-term growth” in the UK home improvement sector and added that the “challenging trading conditions” over the past two years, which has included the decline and exit of retailers including Homebase, Carpetright, CTD Tiles and Wilko, has presented an “opportunity for strong businesses of scale”.

Wickes’ membership service TradePro also recorded sales growth of 14% during the year, while its number of active members rose from 478,000 last year to 581,000 this year.

During the year, Wickes completed seven store refits as well as four new openings, creating around 120 new jobs at the business.

The retailer said its store opening programme for 2025 includes the opening of four former Homebase stores.

Wickes chief executive David Wood said: “2024 was a year of strong progress for Wickes as our balanced business model and brand strength saw us continue to deliver for customers and take further market share.

“We grew volumes and share throughout the year in retail as customers bought more of our products for their home improvement projects, however big or small. In design and isnstallation, we have been encouraged by a return to growth in ordered sales in Q4 following the actions we took to enhance our customer offer and experience.

“Given the strong progress over the last 12 months and the good start to Q1, we are well on track for the coming year. I would like to thank my colleagues for their continued hard work and support and, together, we remain focused on helping the nation feel house proud.”