DIY retailer Wickes forecasts strong sales growth ahead of Travis Perkins demerger
DIY chain Wickes, which is being demerged from building trade retailer Travis Perkins, today forecast strong full-year sales growth ahead of launching its public listing as a standalone firm.
The home improvement sector has performed well during the pandemic as Britons have spent more time at home, have had fewer leisure options and have travelled less.
Wickes said trends seen in the second half of 2020 had continued into the current financial year, with strong sales of core products.
However, do-it-for-me (DIFM) orders were down about 50 per cent year-on-year through the key winter sale period, as showrooms remained closed due to the latest coronavirus lockdown.
“Core growth is expected to moderate against tougher comparatives through the year and management is confident in a recovery of DIFM sales with pent up demand, evidenced through a high level of enquiries, likely to come through as lockdown restrictions ease,” Wickes said.
Wickes’ like-for-like revenue growth was 19.3 per cent in 2020.
The update on current trading was published after Travis Perkins said the circular and prospectus in relation to the demerger and listing of Wickes shares had been submitted to the Financial Conduct Authority for approval.