Interim report
Page 1
Financial Highlights Revenue growth up 33.1 % on a like - for - like basis * , and 22.4 % on 2019 , driven by strong Core performance Adjusted profit before tax increased to £ 46.5m ** , ahead of guidance of around £ 45.0m Reported profit before tax increased to £ 35.7m , reflecting demerger and IT separation costs IFRS net debt reduced by £ 100.2m to £ 564.8m compared to the Prospectus pro - forma opening position driven by strong trading performance and cash generation ● ● Wickes Group plc - Interim Results 2021 for the 26 weeks period to 26 June 2021 Strong first half performance driven by digitally - led , service - enabled proposition ● Capital investment and IT separation costs are weighted to the second half of the year and working capital benefit will partially unwind First Wickes Group plc interim dividend declared of 2.1p We now expect to deliver full year adjusted profit before tax towards the upper end of market expectations Operational Highlights Digital strength and capability continues to underpin performance with strong retention and growth of active digital customers ; two thirds of sales driven by digital channels Further market share gains in Core across both DIY and local trade across a broad range of categories , driven by the strength of the digital proposition and supported by new ranges Resilient performance in DIFM ( Do - it - for - me ) with showrooms closed through to 12 April and 1m interactions with our newly developed virtual showroom journey within six weeks of launch Further growth in the Wickes installer base , with wider market issues driving an extension of lead times from order to completion Successfully navigating Covid restrictions and supply chain challenges Summary financial results £ m Revenue Core DIFM Gross profit Gross profit Adjusted ** operating profit Adj operating profit % Adjusted ** profit before tax Adjusted ** basic earnings per share Reported operating profit Operating profit % Reported profit / ( loss ) before tax Basic earnings / ( loss ) per share Interim Dividend 26 weeks to 26 Jun 21 1 812.0 666.7 145.3 294.8 36.3 % 61.9 7.6 % 46.5 14.6p 51.1 6.3 % 35.7 13.5p 2.1p 26 weeks to 27 Jun 20 612.7 491.8 120.9 225.9 36.9 % 30.9 5.0 % 14.5 4.7p 10.9 1.8 % ( 5.5 ) ( 0.8 ) p n / a Change 32.5 % 35.6 % 20.2 % 30.5 % 100.3 % 220.7 % 368.8 % * Like - for - like sales analysis is explained , reconciled and calculated in note 3 of the interim financial statements ** Adjusted measures represent results on an IFRS basis and exclude adjusting items which comprise significant restructurings , significant write downs or impairments of current and non - current assets , the costs of demerging and listing the business , the associated costs of separating the business from the Travis Perkins Group's IT systems , and the effect of changes in corporation tax rates on deferred tax balances ( see note 2 of the interim financial