Profit before tax increases, TradePro sales rise, and expansion into the home energy solutions market
- Wickes reports a “robust” trading performance for FY23
- Statutory profit before tax increased 2% to £41m
- TradePro sales increased by 11%
- Group revenues slightly decreased by 0.3% to £1.55bn
- Adjusted profit before tax after SaaS impact decreased by 31% to £52m
- Wickes opened three new stores and created 90 new jobs
- Retail sales in the first 11 weeks of 2024 are in line with last year
- Wickes acquires a majority stake in Solar Fast’s parent company
- Acquisition enables Wickes to expand into the home energy solutions market
- Solar Fast aims to become the number one provider for domestic solar installations in the UK
Wickes has announced a "robust" trading performance for the year ended 30 December 2023. The company reported a 2% increase in statutory profit before tax to £41m, along with an 11% increase in TradePro sales. However, group revenues slightly decreased by 0.3% to £1.55bn, and adjusted profit before tax after SaaS impact decreased by 31% to £52m. During the year, Wickes opened three new stores in Chelmsford, Widnes, and Torquay, creating 90 new jobs. Retail sales in the first 11 weeks of 2024 are in line with last year. In addition to its trading performance, Wickes has acquired a majority stake in the parent company of Solar Fast. This acquisition allows Wickes to expand its offering into the fast-growing market for home energy solutions, starting with solar and gas boilers and eventually including air source heat pumps and other services. Solar Fast, a family business, aims to become the number one provider for quality domestic solar installations in the UK. The acquisition by Wickes brings them closer to achieving this vision. David Wood, chief executive of Wickes, expressed his gratitude to his colleagues for their dedication and support, which contributed to the company’s record customer satisfaction. He also welcomed the Solar Fast team to the Wickes family and expressed excitement about the future plans.
Factuality Level: 8
Factuality Justification: The article provides detailed information about Wickes’ financial performance, acquisitions, and future plans. It includes direct quotes from company executives and stakeholders, giving insight into their strategies and goals. The information presented seems factual and based on official statements, without significant bias or misleading content.
Noise Level: 3
Noise Justification: The article provides relevant information about Wickes’ financial performance, acquisitions, and future plans. It includes quotes from key figures and details about the company’s expansion into the home energy solutions market. However, some repetitive information and excessive praise for the company’s performance slightly reduce the overall rating.
Financial Relevance: Yes
Financial Markets Impacted: The acquisition of a majority stake in the parent company of Solar Fast expands Wickes’ offering into the fast-growing market for home energy solutions, which could have an impact on the energy sector and related companies.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: The article discusses Wickes’ financial performance and its acquisition of a majority stake in the parent company of Solar Fast. While there is no mention of an extreme event, the acquisition could have implications for the energy sector and related companies.
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