Wickes Group Reports Improved Second-Quarter Performance

By Ian Walker

Wickes Group has announced an improved second-quarter performance, with like-for-like sales growing by 3% compared to a 1.8% decline in the first quarter. The company has also reiterated its full-year guidance.

Capital Allocation Policy and Dividend Plans

In addition to its positive sales growth, the home-improvement retailer has unveiled a capital allocation policy that includes a £25 million share buyback program and a dividend policy. Wickes intends to maintain its dividend this year at 10.9 pence. This decision is based on the company's strong balance sheet and impressive business performance.

Profit Outlook

Wickes Group has provided an adjusted pre-tax profit range for this year of £54.5 million to £57.0 million on a pre-IAS 38 accounting basis.

Positive Factors Driving Performance

According to Chief Executive David Wood, the company's solid performance can be attributed to several positive factors. These include increasing momentum in trade, as local traders rely on Wickes for time and cost savings. Furthermore, there is an encouraging trend in the DIY sector and a strong performance in the Do-It-For-Me category.