Wickes Group (WIX) H1 2026 earnings summary

Executive summary

• Revenue grew 2.1% year-over-year to £865.3m for H1 2026, with strong volume-led performance and continued market share gains in both Retail and Design & Installation segments.

• Adjusted profit before tax increased 1.1% year-over-year to £27.6m, with productivity actions offsetting cost inflation.

• Fifth consecutive quarter of positive like-for-like growth in Design & Installation.

• Accelerated investment in future growth, including 8 store refits/refreshes and plans to expand to 300 stores.

• Delivered attractive shareholder returns through increased interim dividend of 2.8% to 3.7p and share buybacks.

Financial highlights

• Retail revenue up 0.8% to £639.8m; Design & Installation revenue up 5.7% to £225.5m.

• Adjusted gross margin broadly flat at 36.7%; adjusted operating profit up 1.7% to £40.8m.

• Operating costs rose by 1.9%, partially offset by productivity initiatives.

• Cash at half-year was £152m; net cash position at period end was £151.6m.

• Returned £26m to shareholders in H1: £16m in dividends and £10m in share buybacks.

Outlook and guidance

• Trading in Q3 shows improved trends, with mid-single-digit like-for-like Retail revenue growth.

• On track to meet consensus expectations for ~10% adjusted PBT growth in 2026.

• Capex guidance for 2026 is approximately £40m, with H2 weighted.

• Dividend cover expected to remain within 1.5x–2.5x range as profits grow.

• Pipeline for 4-5 new store openings in H2, aiming for 300 stores.