52 weeks ended | 52 weeks ended | ||
28 December | 30 December | ||
(£m) | Notes | 2024 | 2023 |
Revenue | 5 | ||
Cost of sales | ( | ( | |
Gross profit | |||
Selling costs | ( | ( | |
Administrative expenses | ( | ( | |
Operating profit | 6 | ||
Net finance costs | 7 | ( | ( |
Profit before tax | |||
Tax | 10 | ( | ( |
Profit for the period and total comprehensive income | |||
Attributable to: | |||
Owners of the parent | |||
Non-controlling interest | |||
Profit for the period and total comprehensive income | |||
Earnings per share | |||
Basic | 11 | ||
Diluted | 11 | ||
Adjusted results (1) | |||
Adjusted gross profit | 9 | ||
Adjusted operating profit | 9 | ||
Adjusted profit before tax | 9 | ||
Adjusted profit after tax | 9 | ||
Adjusted basic earnings per share | 11 | ||
Adjusted diluted earnings per share | 11 |
As at | As at | ||
30 December | |||
(£m) | Notes | 2023 | |
Assets | |||
Non-current assets | |||
Goodwill | 13 | ||
Other intangible assets | 13 | ||
Property, plant and equipment | 14 | ||
Right-of-use assets | 15 | ||
Derivative financial instruments | 30 | ||
Deferred tax asset | 17 | ||
Total non-current assets | |||
Current assets | |||
Inventories | 19 | ||
Trade and other receivables | 20 | ||
Derivative financial instruments | 30 | ||
Cash and cash equivalents | 21 | ||
Total current assets | |||
Total assets |
As at | As at | ||
28 December | 30 December | ||
(£m) | Notes | 2024 | 2023 |
Equity and Liabilities | |||
Capital and reserves | |||
Issued share capital | 22 | ||
Capital redemption reserve | 22 | ||
EBT share reserve | 22 | ( | ( |
Other reserves | 22 | ( | ( |
Retained earnings | |||
Equity attributable to owners of the parent | |||
Non-controlling interest | |||
Total equity | |||
Non-current liabilities | |||
Lease liabilities | 15, 24 | ||
Long-term provisions | 25 | ||
Total non-current liabilities | |||
Current liabilities | |||
Lease liabilities | 15, 24 | ||
Trade and other payables | 26 | ||
Corporation tax | |||
Derivative financial instruments | 30 | ||
Short-term provisions | 25 | ||
Total current liabilities | |||
Total liabilities | |||
Total equity and liabilities |
Capital | |||||||
Issued share | redemption | EBT Share | Other | Retained | Total | ||
(£m) | Notes | capital | reserve | reserve | reserves | earnings | equity |
At 31 December 2022 | ( | ( | |||||
Profit for the period and other comprehensive income | |||||||
Dividends paid | 27 | ( | ( | ||||
Share buyback and cancellation | 22 | ( | ( | ( | |||
Purchase of own shares | 22 | ( | ( | ||||
Equity-settled share-based payments | 28 | ||||||
Tax on equity-settled share-based payments | |||||||
Owners of parent | ( | ( | |||||
Retained earnings attributable to non-controlling interest | 12 | ||||||
At 30 December 2023 | ( | ( | |||||
Profit for the period and other comprehensive income | |||||||
Dividends paid | 27 | ( | ( | ||||
Share buyback and cancellation | 22 | ( | ( | ( | |||
Equity-settled share-based payments | 28 | ||||||
Tax on equity-settled share-based payments | |||||||
Owners of parent | ( | ( | |||||
Retained earnings attributable to non-controlling interest | 12 | ||||||
At | ( | ( |
52 weeks ended | 52 weeks ended | ||
28 December | 30 December | ||
(£m) | Notes | 2024 | 2023 |
Cash flows from operating activities | |||
Operating profit | |||
Adjustments for: | |||
Amortisation of other intangible assets | 13 | ||
Depreciation of property, plant and equipment | 14 | ||
Depreciation of right-of-use assets | 15 | ||
Impairment of property, plant and equipment | 16 | ||
Impairment of right-of-use assets | 16 | ||
Reversal of impairment of right-of-use assets | 16 | ( | ( |
Losses on terminations of leases | 6 | ||
Write-off of intangible assets | 6 | ||
Losses on disposal of other intangible assets | 6 | ||
Losses on disposal of property, plant and equipment | 6 | ||
Derivative fair value (gains)/losses | 9 | ( | |
Share-based payments | 28 | ||
Operating cash flows | |||
Movements in working capital: | |||
Decrease in inventories | |||
Decrease in trade and other receivables | |||
Decrease in trade and other payables | ( | ( | |
(Decrease)/increase in provisions | ( | ||
Cash generated from operations | |||
Income taxes paid | ( | ( | |
Net cash inflow from operating activities |
52 weeks ended | 52 weeks ended | ||
28 December | 30 December | ||
(£m) | Notes | 2024 | 2023 |
Cash flows from investing activities | |||
Purchases of property, plant and equipment | ( | ( | |
Development costs of computer software | ( | ( | |
Proceeds on disposal of property, plant and equipment | |||
Acquisition of business net of cash acquired | 12 | ( | |
Interest received | |||
Net cash outflow from investing activities | ( | ( | |
Cash flows from financing activities | |||
Interest paid | ( | ( | |
Interest on lease liabilities | ( | ( | |
Payment of principal of lease liabilities | ( | ( | |
Lease incentives received | |||
Own shares purchased for share schemes | ( | ||
Share buyback | ( | ( | |
Dividends paid to equity holders of the parent | 27 | ( | ( |
Dividends paid to non-controlling interest | 27 | ( | |
Net cash outflow from financing activities | ( | ( | |
Net decrease in cash and cash equivalents | ( | ( | |
Cash and cash equivalents at the beginning of the period | |||
Cash and cash equivalents at the end of the period | 21 | ||
Adjusting items | |||
Adjusting items paid included in the cash flow | 33 | ||
Total pre-tax Adjusting items | 9 |
52 weeks ended | 52 weeks ended | |
28 December | 30 December | |
(£’000) | 2024 | 2023 |
Fees payable to the Company’s auditor for audit services: | ||
Audit of the Company’s annual accounts | 100 | 100 |
Audit of the Company’s subsidiaries | 780 | 710 |
Fees paid to the Company’s auditor for other services: | ||
Review of the interim statement | 80 | 80 |
960 | 890 |
52 weeks ended | 52 weeks ended | |
Revenue | 28 December | 30 December |
(£m) | 2024 | 2023 |
Retail (product revenue) | 1,212.3 | 1,189.1 |
Design & Installation (project revenue) | 326.5 | 364.7 |
1,538.8 | 1,553.8 |
52 weeks ended | 52 weeks ended | |
Revenue reconciliation and like-for-like revenue | 28 December | 30 December |
(£m) | 2024 | 2023 |
Revenue | 1,538.8 | 1,553.8 |
Network change | (21.4) | (7.8) |
Revenue generated by business acquired in the period (note 12) | (10.0) | – |
Revenue (like-for-like basis) | 1,507.4 | 1,546.0 |
Prior period revenue | 1,553.8 | 1,559.0 |
Prior period network change | (15.1) | (8.0) |
Prior period revenue (like-for-like basis) | 1,538.7 | 1,551.0 |
(Decrease) / increase arising on a like-for-like basis | (31.3) | (5.0) |
Like-for-like revenue (%) | (2.0)% | (0.3)% |
52 weeks ended | 52 weeks ended | |
28 December | 30 December | |
(£m) | 2024 | 2023 |
Realised net foreign exchange gains recognised in cost of sales | (1.6) | (1.6) |
Derivative fair value losses/(gains) (note 9) | (1.5) | 3.1 |
Depreciation of property, plant and equipment (note 14) | 22.3 | 21.1 |
Depreciation of right-of-use assets (note 15) | 76.7 | 74.2 |
Amortisation of internally-generated intangible assets (note 13) | 6.6 | 6.6 |
Impairment of right of use assets (note 15 and 16) | 12.3 | 2.7 |
Reversal of impairment of right-of-use assets (note 15 and 16) | (1.3) | (3.7) |
Impairment of property, plant and equipment (note 14 and 16) | 5.8 | – |
Losses/(gains) on termination of leases | – | 0.1 |
Write-off of intangible assets | – | 1.5 |
Losses on disposal of other intangible assets | – | 0.3 |
Losses on disposal of property, plant and equipment | 0.3 | 2.6 |
Income from subleasing right-of-use assets (note 15) | (2.4) | (3.2) |
Staff costs (note 8) | 230.4 | 234.3 |
52 weeks ended | 52 weeks ended | |
28 December | 30 December | |
(£m) | 2024 | 2023 |
Finance income | ||
Interest receivable | 7.3 | 7.5 |
7.3 | 7.5 | |
Finance costs | ||
Interest on lease liabilities (note 15) | (30.1) | (28.2) |
Amortisation of loan arrangement fees | (0.3) | (0.3) |
Commitment fee on revolving credit facility (RCF) | (0.7) | (0.7) |
Revolving credit facility (RCF) amendment costs | (0.3) | – |
Other interest | – | (0.1) |
(31.4) | (29.3) | |
Net finance costs | (24.1) | (21.8) |
52 weeks ended | 52 weeks ended | |
28 December | 30 December | |
(No.) | 2024 | 2023 |
Administration | 591 | 555 |
Stores and distribution | 7,183 | 7, 364 |
7,919 |
52 weeks ended | 52 weeks ended | |
28 December | 30 December | |
(No.) | 2024 | 2023 |
Administration | 583 | 547 |
Stores and distribution | 5,531 | 5,659 |
6,114 | 6,206 |
52 weeks ended | 52 weeks ended | |
28 December | 30 December | |
(£m) | 2024 | 2023 |
Wages and salaries | 205.5 | 204.9 |
Social security costs | 17.1 | 18.3 |
Other pension costs (defined contribution plans) | 5.4 | 5.2 |
Share-based payments (equity-settled) | 4.0 | 5.9 |
232.0 | 234.3 |
52 weeks ended 28 December 2024 | ||||
Operating | Profit before | Profit after | ||
(£m) | Gross profit | profit | tax | tax |
Statutory performance measures | 566.6 | 47.3 | 23.2 | 18.4 |
Derivative fair value gains | (1.5) | (1.5) | (1.5) | (1.5) |
Property, plant and equipment impairment charge | – | 5.8 | 5.8 | 5.8 |
Right-of-use asset impairment charge | – | 12.3 | 12.3 | 12.3 |
Reversal of impairment of right-of-use asset recognised in prior periods | – | (1.3) | (1.3) | (1.3) |
Restructuring costs | – | 4.0 | 4.0 | 4.0 |
Solar Fast acquisition costs | – | 0.8 | 0.8 | 0.8 |
Revolving credit facility (RCF) amendment costs | – | – | 0.3 | 0.3 |
Tax on adjusting items | – | – | – | (4.9) |
Total adjustments to statutory performance measures | (1.5) | 20.1 | 20.4 | 15.5 |
Adjusted performance measures | 565.1 | 67.4 | 43.6 | 33.9 |
52 weeks ended 30 December 2023 | ||||
Operating | Profit before | Profit after | ||
(£m) | Gross profit | profit | tax | tax |
Statutory performance measures | 565.0 | 62.9 | 41.1 | 29.8 |
Derivative fair value losses | 3.1 | 3.1 | 3.1 | 3.1 |
Right-of-use asset impairment charge | – | 2.7 | 2.7 | 2.7 |
Reversal of impairment of right-of-use asset recognised in prior periods | – | (3.7) | (3.7) | (3.7) |
IT separation project costs | – | 8.8 | 8.8 | 8.8 |
Tax on adjusting items | – | – | – | (2.6) |
Total adjustments to statutory performance measures | 3.1 | 10.9 | 10.9 | 8.3 |
Adjusted performance measures | 568.1 | 73.8 | 52.0 | 38.1 |
Notes to the consolidated financial statements conti nued | |
9 Reconciliation of alternative profit measures continued | |
52 weeks ended | 52 weeks ended | |
28 December | 30 December | |
(£m) | 2024 | 2023 |
Current tax | ||
UK corporation tax expense | 12.3 | 10.4 |
UK corporation tax adjustments in respect of prior periods | (2.2) | 0.1 |
Total current tax charge | 10.1 | 10.5 |
Deferred tax | ||
Deferred tax movement in period | (5.7) | (0.4) |
Effect of change in tax rate | (0.1) | – |
Adjustments in respect of prior periods | 0.5 | 1.2 |
Total deferred tax charge | (5.3) | 0.8 |
Total tax charge | 4.8 | 11.3 |
52 weeks ended | 52 weeks ended | |
28 December | 30 December | |
(£m) | 2024 | 2023 |
Profit before taxation | 23.2 | 41.1 |
Tax at the standard corporation tax rate | 5.9 | 9.7 |
Effects of: | ||
Depreciation of non-qualifying property | 0.4 | 0.9 |
Tax effect of non-taxable income / non-deductible expenses | – | (1.2) |
Adjustments to prior period | (1.7) | 1.3 |
Effect of share based payments | 0.2 | 1.1 |
Other | – | (0.4) |
Impact of super deduction | – | (0.1) |
Total tax charge | 4.8 | 11.3 |
52 weeks ended | 52 weeks ended | |
28 December | 30 December | |
(£m) | 2024 | 2023 |
Profit attributable to the owners of the Parent | 18.1 | 29.8 |
(No.) | ||
Weighted average number of ordinary shares | 245,621,601 | 258,667,102 |
Adjustment for weighted average number of ordinary shares held in EBT | (4,861,137) | (6,163,934) |
Weighted average number of ordinary shares in issue | 240,760,464 | 252,503,168 |
Basic earnings per share (in pence per share) | 7.7p | 11.8p |
52 weeks ended | 52 weeks ended | |
28 December | 30 December | |
(£m) | 2024 | 2023 |
Profit attributable to the owners of the Parent | 18.1 | 29.8 |
(No.) | ||
Weighted average number of ordinary shares in issue | 240,760,464 | 252,503,168 |
Diluted effect of share options on potential ordinary shares | 3,714,321 | 2,804,387 |
Diluted weighted average number of ordinary shares in issue | 244,474,785 | 255,307,555 |
Diluted earnings per share (in pence per share) | 7.5p | 11.7p |
52 weeks ended | 52 weeks ended | |
28 December | 30 December | |
(£m) | 2024 | 2023 |
Profit attributable to the owners of the parent from continuing operations | 18.1 | 29.8 |
Adjusting items before tax | 20.4 | 10.9 |
Tax on adjusting items | (4.9) | (2.6) |
Adjusting items after tax (note 9) | 15.5 | 8.3 |
Adjusted profit attributable to the owners of the parent | 33.6 | 38.1 |
Weighted average number of ordinary shares in issue | 240,760,464 | 252,503,168 |
Weighted average number of dilutive ordinary shares in issue | 244,474,785 | 255,307,555 |
Adjusted basic earnings per share (in pence per share) | 14.1p | 15.1p |
Adjusted diluted earnings per share (in pence per share) | 13.9p | 14.9p |
£m | Fair values |
Software | 0.1 |
Brand | 0.7 |
Property, plant and equipment | 0.2 |
Inventories | 0.7 |
Trade and other receivables | 0.6 |
Cash and cash equivalents | 5.3 |
Trade and other payables | (0.7) |
Deferred tax liability | (0.2) |
Total identifiable net assets acquired | 6.7 |
Consideration | |
Enterprise value of 51% shareholding | 5.1 |
Acquired cash/net working capital adjustment (1) | 2.5 |
Total consideration | 7.6 |
Acquired assets (51%) | (3.4) |
Goodwill | 4.2 |
Leasehold improvements, | Given the nature of these assets, a depreciated replacement cost approach |
plant and equipment | has been taken, aligning to the groups capitalisation and depreciation policies. |
Intangible assets | A relief from royalty method was applied to those revenues that Solar Fast is |
expected to generate independently over a 2 year period. The period selected | |
and royalty rate applied reflect the relative immaturity of the Solar Fast | |
business. | |
Inventories | The carrying value of these assets is considered to represent fair value, |
reflecting the estimated selling price, less estimated costs of completion and | |
sale, and a reasonable profit margin based on the effort required to complete | |
and sell the inventories. | |
Trade receivables | Trade receivables, representing amounts due from retail customers, totalled |
£0.4m. The carrying value of these assets is considered to represent fair value, | |
and is stated after providing for £0.1m, which was estimated to be | |
uncollectable at the acquisition date. |
(£m) | Goodwill | Software | Total |
Cost or valuation | |||
At 31 December 2022 | 8.4 | 37.3 | 45.7 |
Additions | – | 6.1 | 6.1 |
Write-offs | – | (1.5) | (1.5) |
Disposals | – | (0.6) | (0.6) |
At 30 December 2023 | 8.4 | 41.3 | 49.7 |
Additions | 4.2 | 2.3 | 6.5 |
Write-offs | – | – | – |
Disposals | – | – | – |
At 28 December 2024 | 12.6 | 43.6 | 56.2 |
Amortisation | |||
At 31 December 2022 | – | 20.7 | 20.7 |
Charged in the period | – | 6.6 | 6.6 |
Disposals | – | (0.3) | (0.3) |
At 30 December 2023 | – | 27.0 | 27.0 |
Charged in the period | – | 6.6 | 6.6 |
Disposals | – | – | – |
At 28 December 2024 | – | 33.6 | 33.6 |
Net book value | |||
At 28 December 2024 | 12.6 | 10.0 | 22.6 |
At 30 December 2023 | 8.4 | 14.3 | 22.7 |
Land and | Leasehold | Plant and | ||
(£m) | buildings | improvements | equipment | Total |
Cost | ||||
At 31 December 2022 | 6.1 | 133.4 | 186.9 | 326.4 |
Additions | – | 17.2 | 14.9 | 32.1 |
Disposals | – | (3.0) | (6.2) | (9.2) |
Impairments | – | – | – | – |
At 30 December 2023 | 6.1 | 147.6 | 195.6 | 349.3 |
Additions | – | 13.4 | 11.2 | 24.6 |
Disposals | (6.1) | (3.0) | ( 7.9) | (17.0) |
Impairments | – | (5.8) | – | (5.8) |
At 28 December 2024 | – | 152.2 | 198.9 | 351.1 |
Accumulated depreciation | ||||
At 31 December 2022 | 0.1 | 62.6 | 148.8 | 211.5 |
Charged in the period | 0.1 | 8.0 | 13.0 | 21.1 |
Disposals | – | (1.4) | (5.1) | (6.5) |
At 30 December 2023 | 0.2 | 69.2 | 156.7 | 226.1 |
Charged in the period | 0.1 | 12.6 | 9.6 | 22.3 |
Disposals | (0.3) | (2.6) | ( 7.7) | (10.6) |
At 28 December 2024 | – | 79.2 | 158.6 | 237.8 |
Net book value | ||||
At 28 December 2024 | – | 73.0 | 40.3 | 113.3 |
At 30 December 2023 | 5.9 | 78.4 | 38.9 | 123.2 |
Net carrying value | Land and | Plant and | |
(£m) | buildings | equipment | Total |
At 31 December 2022 | 530.2 | 12.2 | 542.4 |
Additions | 11.6 | 10.6 | 22.2 |
Modifications | 45.9 | 0.1 | 46.0 |
Terminations | (0.2) | (0.1) | (0.3) |
Depreciation | (67.8) | (6.4) | (74.2) |
Impairments | (2.7) | – | (2.7) |
Reversal of previous impairments | 3.7 | – | 3.7 |
At 30 December 2023 | 520.7 | 16.4 | 537.1 |
Additions | 38.1 | 22.8 | 60.9 |
Modifications | 53.0 | – | 53.0 |
Terminations | – | (0.8) | (0.8) |
Depreciation | (67.6) | (9.1) | (76.7) |
Impairments | (12.3) | – | (12.3) |
Reversal of previous impairments | 1.3 | – | 1.3 |
At 28 December 2024 | 533.2 | 29.3 | 562.5 |
As at | As at | |
Lease liabilities | 28 December | 30 December |
(£m) | 2024 | 2023 |
Maturity analysis – contractual undiscounted cash flow | ||
Less than one year | 112.3 | 109.7 |
One to two years | 111.1 | 107.4 |
Two to five years | 285.4 | 406.1 |
Five to ten years | 253.7 | 155.3 |
More than ten years | 105.7 | 49.0 |
Total undiscounted lease liabilities | 868.2 | 827.5 |
Lease liabilities included in the balance sheet | ||
Current | 80.4 | 79.8 |
Non-current | 624.9 | 596.0 |
705.3 | 675.8 |
52 weeks ended | 52 weeks ended | |
Amounts recognised in the income statement | 28 December | 30 December |
(£m) | 2024 | 2023 |
Interest expense on lease liabilities | 30.1 | 28.2 |
Expenses related to short-term leases | 0.3 | 0.1 |
Expenses related to low-value assets | 0.8 | – |
Depreciation | 76.7 | 74.2 |
Net impairment charge/(reversal) | 15.7 | (1.0) |
As at | As at | |
28 December | 30 December | |
(£m) | 2024 | 2023 |
Within one year | 3.4 | 2.3 |
One to five years | 10.6 | 5.9 |
After five years | 14.2 | 2.4 |
Total | 28.2 | 10.6 |
2024 | 2023 | |
Pre-tax discount rate | 13.4% | 13.7% |
Revenue growth rate | 4% - 7% | 2% – 7% |
Gross margin | 40% - 46% | 36% – 48% |
Central cost allocation | 61.2% | 61.1% |
Decrease/(increase) in | |
(£m) | net impairment |
Store revenue increases/(decreases) by 2% | £7.5m – £(9.9)m |
Gross margin increases/(decreases) by 1% | £8.8m - £(12.6)m |
Percentage of central costs allocated decreases/(increases) by 10% | £5.3m - £(6.3)m |
Discount rate decreases/(increases) by 100 basis points | £3.8m - £(4.0)m |
Capital | Share-based | |||||
Tax losses | Provisions | Allowance | payments | Leases | Total | |
At 31 December 2022 | – | – | (8.5) | 0.2 | 31.0 | 22.7 |
(Charge)/credit to the Income | ||||||
statement | (0.4) | – | (1.4) | 1.1 | 1.0 | 0.3 |
Charge to equity | – | – | – | 1.2 | – | 1.2 |
Prior period adjustment | 0.4 | 1.5 | (0.2) | – | (2.9) | (1.2) |
Change in tax rates | – | – | (0.1) | – | 0.1 | – |
At 30 December 2023 | – | 1.5 | (10.2) | 2.5 | 29.2 | 23.0 |
(Charge)/credit to the Income | ||||||
statement | (1.8) | 0.2 | 0.8 | 0.1 | 6.4 | 5.7 |
Credit to equity | – | – | – | 1.5 | – | 1.5 |
Prior period adjustment | 1.7 | (0.7) | 1.7 | (1.7) | (1.5) | (0.5) |
Change in tax rates | 0.1 | – | 0.1 | (0.1) | – | 0.1 |
At 28 December 2024 | – | 1.0 | (7.6) | 2.3 | 34.1 | 29.8 |
Disclosed within non-current assets | – | 1.0 | (7.6) | 2.3 | 34.1 | 29.8 |
Incorporated in England and Wales and registered at | |||
Vision House, 19 Colonial Way, Watford, WD24 4JL | Principal activity | % interest held | Class of share |
Wickes Group Holdings Limited | Holding company | 100% | Ordinary |
Wickes Building Supplies Limited* | Home improvement retailer | 100% | Ordinary |
Gasfast Limited* | Solar installations | 51% | Ordinary |
Wickes Finance Limited* | Dormant | 100% | Ordinary |
Wickes Holdings Limited* | Dormant | 100% | Ordinary |
As at | As at | |
28 December | 30 December | |
(£m) | 2024 | 2023 |
Inventories | 192.9 | 195.5 |
52 weeks ended | 52 weeks ended | |
28 December | 30 December | |
2024 | 2023 | |
Movement in stock provisions | ||
Opening provision | 3.7 | 5.0 |
Provision utilisation | (11.9) | (14.1) |
Provision increased | 11.9 | 12.8 |
Closing provision | 3.7 | 3.7 |
As at | As at | |
28 December | 30 December | |
(£m) | 2024 | 2023 |
Trade receivables | 31.1 | 33.4 |
Allowance for expected credit losses | (0.9) | (1.0) |
30.2 | 32.4 | |
Other receivables | 25.1 | 26.4 |
Prepayments and accrued income | 15.3 | 15.3 |
Total current trade and other receivables | 70.6 | 74.1 |
More than | ||||||
Saturday 28 December 2024 | Current | 1-30 days | 31-60 days | 61-120 days | 120 days | Total |
Expected loss rate | 2.9% | - | - | - | - | 2.9% |
Carrying amount of trade | ||||||
receivables (£m) | 31.1 | - | - | - | - | 31.1 |
Loss allowance (£m) | (0.9) | - | - | - | - | (0.9) |
More than | ||||||
Saturday 30 December 2023 | Current | 1-30 days | 31-60 days | 61-120 days | 120 days | Total |
Expected loss rate | 1.5% | – | – | 100.0% | 80.0% | 3.0% |
Carrying amount of trade | ||||||
receivables (£m) | 32.5 | 0.1 | 0.2 | 0.1 | 0.5 | 33.4 |
Loss allowance (£m) | (0.5) | – | – | (0.1) | (0.4) | (1.0) |
As at | As at | |
28 December | 30 December | |
(£m) | 2024 | 2023 |
At the beginning of the period | 1.0 | 1.3 |
Provided in the period | 0.4 | 0.2 |
Released during the period | (0.5) | (0.5) |
At the end of the period | 0.9 | 1.0 |
As at | As at | |
28 December | 30 December | |
(£m) | 2024 | 2023 |
Cash at Bank | 4.4 | 6.0 |
Short-term deposits | 81.9 | 91.5 |
86.3 | 97.5 |
10 pence ordinary shares | ||
The Group and Company | Shares | £m |
Authorised, issued and fully paid | ||
At 31 December 2022 | 259,637,998 | 26.0 |
Shares cancelled | (7,512,623) | (0.8) |
At 30 December 2023 | 252,125,375 | 25.2 |
Shares cancelled | (10,059,076) | (1.0) |
At 28 December 2024 | 242,066,299 | 24.2 |
As at | As at | |
28 December | 30 December | |
(number of shares) | 2024 | 2023 |
At the beginning of the period | 5,918,098 | 6,818,863 |
Own shares purchased for share schemes | - | 170,000 |
Shares released to participants | (1,139,348) | (1,070,765) |
At the end of the period | 4,778,750 | 5,918,098 |
As at | As at | |
28 December | 30 December | |
(£m) | 2024 | 2023 |
Undrawn facilities: | ||
4-year committed revolving credit facility (expires March 2028) | 80.0 | 80.0 |
80.0 | 80.0 |
Cash and cash | |||
(£m) | equivalents | Lease liability | Total |
At 31 December 2022 | 99.5 | (691.3) | (591.8) |
Decrease in cash and cash equivalents | (2.0) | – | (2.0) |
Repayment of lease liabilities | – | 112.5 | 112.5 |
Discount unwind on lease liability | – | (28.2) | (28.2) |
Lease additions | – | (22.2) | (22.2) |
Lease modifications | – | (46.0) | (46.0) |
Lease incentives received | – | (0.8) | (0.8) |
Lease terminations | – | 0.2 | 0.2 |
At 30 December 2023 | 97.5 | (675.8) | (578.3) |
Decrease in cash and cash equivalents | (11.2) | – | (11.2) |
Repayment of lease liabilities | – | 114.4 | 114.4 |
Discount unwind on lease liability | – | (30.1) | (30.1) |
Lease additions | – | (60.7) | (60.7) |
Lease modifications | – | (53.0) | (53.0) |
Lease incentives received | – | (0.9) | (0.9) |
Lease terminations | – | 0.8 | 0.8 |
At 28 December 2024 | 86.3 | (705.3) | (619.0) |
As at | As at | |
Balances | 28 December | 30 December |
(£m) | 2024 | 2023 |
Cash and cash equivalents | 86.3 | 97.5 |
Current lease liabilities | (80.4) | (79.8) |
Non-current lease liabilities | (624.9) | (596.0) |
Net debt | (619.0) | (578.3) |
(£m) | Property | Warranty | Insurance | Total |
At 31 December 2022 | 2.1 | 2.9 | 5.9 | 10.9 |
Charge to income statement | 1.7 | 2.8 | 1.0 | 5.5 |
Utilisation | – | (2.4) | (1.4) | (3.8) |
At 30 December 2023 | 3.8 | 3.3 | 5.5 | 12.6 |
Charge to income statement | 0.2 | 3.5 | 1.2 | 4.9 |
Utilisation | (2.1) | (2.5) | (1.8) | (6.4) |
At 28 December 2024 | 1.9 | 4.3 | 4.9 | 11.1 |
As at | As at | |
28 December | 30 December | |
(£m) | 2024 | 2023 |
Current | 9.7 | 10.3 |
Non-current | 1.4 | 2.3 |
11.1 | 12.6 |
As at | As at | |
28 December | 30 December | |
(£m) | 2024 | 2023 |
Trade payables | 120.7 | 119.4 |
Social security and other taxes | 16.9 | 11.6 |
Other payables | 17.3 | 17.0 |
Deferred income | 26.2 | 33.2 |
Accrued expenses | 31.5 | 37.9 |
Trade and other payables | 212.6 | 219.1 |
As at | As at | |
28 December | 30 December | |
(£m) | 2024 | 2023 |
Amounts recognised in the financial statements as distributions to equity | ||
shareholders are shown below: | ||
– final dividend for the 52 weeks ended 30 December 2023 of 7.3 pence (52 | ||
weeks ended 31 December 2022: 7.3 pence) | 17.6 | 18.3 |
– interim dividend for the 52 weeks ended 28 December 2024 of 3.6 pence | ||
(52 weeks ended 30 December 2023: 3.6 pence) | 8.5 | 9.1 |
Total dividend | 26.1 | 27.4 |
52 weeks ended | 52 weeks ended | |
28 December | 30 December | |
Charge (£m) | 2024 | 2023 |
Long Term Incentive Plan | 2.8 | 3.8 |
Transition Awards | – | 0.3 |
Save As You Earn (SAYE) | 0.9 | 1.2 |
Free Shares | 0.3 | 0.6 |
4.0 | 5.9 |
As at | As at | |
28 December | 30 December | |
Number of options (thousands) | 2024 | 2023 |
Long Term Incentive Plan | 8,254 | 6,359 |
Transition Awards | – | 100 |
Save As You Earn (SAYE) | 11,080 | 10,768 |
Free Shares | 348 | 488 |
19,682 | 17,715 |
Number of | Scheme | ||||||
Scheme | Scheme name | Grant date | Vesting date | options granted | Vesting criteria | Eligibility | type |
RSP | 31/03/2023 | 31/03/2025 | 827,045 | A | |||
31/03/2023 | 31/03/2024 | 711,237 | performance | ||||
underpin | |||||||
LTIP 24 | 30/09/2024 | 30/09/2027 | 23,902 | EPS (60%), | |||
27/03/2024 | 27/03/2027 | 3,366,432 | TSR (30%) & | ||||
ESG (10%) | Executive | ||||||
targets | Directors, | ||||||
LTIP 23 | 25/09/2023 | 25/09/2026 | 29,735 | EPS (60%), | designated | ||
Long Term | TSR (30%) & | senior | Nil-cost | ||||
Incentive | 31/03/2023 | 31/03/2026 | 3,448,605 | ESG (10%) | managers | options | |
Plan (LTIP) | targets | ||||||
LTIP 22 | 28/09/2022 | 28/09/2025 | 666,396 | EPS (70%) & | |||
31/03/2022 | 31/03/2025 | 1,998,542 | TSR (30%) | ||||
targets | |||||||
LTIP 21 | 28/09/2021 | 28/09/2024 | 1,795,194 | ||||
Buyout | 28/09/2022 | 9/9/2023 & | 148,114 | n/a | Mark | ||
Award | 25/03/2024 | George, | |||||
CFO | |||||||
28/09/2021 | 28/04/2022 | 1,616,863 | A | Executive | Nil-cost | ||
Transition | & | performance | Directors, | options | |||
Awards | 28/04/2023 | underpin for | designated | ||||
Executive | senior | ||||||
Directors | managers | ||||||
Save As You | SAYE 23 | 17/10/2023 | 17/10/2026 | 2,543,884 | Continued | All | SAYE |
Earn (SAYE) | SAYE 22 | 18/10/2022 | 18/10/2025 | 9,475,353 | saving for 3 | Employees | options |
years | |||||||
SAYE 21 | 19/10/2021 | 19/10/2024 | 5,433,646 | ||||
Free Shares | 28/06/2021 | 28/06/2024 | 881,940 | n/a | All | Nil-cost | |
Employees | options |
52 weeks ended 28 December 2024 | ||
LTIP (nil cost | ||
The Group and Company: | options) | SAYE |
Share price at grant date (pence) | 150.4 | 163.6 |
Option exercise price (pence) | – | 140.0 |
Option life (years) | 2.3 | 3.0 |
Expected dividends as a dividend yield (%) | n/a | 7.2% |
Risk free interest rate (%) | n/a | 3.9% |
Volatility (%) | n/a | 31.0% |
52 weeks ended 30 December 2023 | ||
LTIP (nil cost | ||
The Group and Company: | options) | SAYE |
Share price at grant date (pence) | 135.3 | 133.6 |
Option exercise price (pence) | – | 116.0 |
Option life (years) | 2.6 | 3.0 |
Expected dividends as a dividend yield (%) | n/a | 8.0% |
Risk free interest rate (%) | n/a | 4.6% |
Volatility (%) | n/a | 33.3% |
Exercise price | Share options | Fair value for the | ||
Grant date - scheme | Expiry date | (pence) | (thousands) | Group (£m) |
15/10/2024 – Save As You Earn plan | 15/04/2028 | 140.0 | 2,244 | 0.3 |
30/09/2024 – Long Term Incentive Plan | 30/09/2034 | – | 24 | – |
27/03/2024 – Long Term Incentive Plan | 27/03/2034 | – | 3,366 | 2.5 |
17/10/2023 – Save As You Earn plan | 17/04/2027 | 116.0 | 2,544 | 0.5 |
25/09/2023 – Long Term Incentive Plan | 25/09/2033 | – | 30 | – |
31/03/2023 – Long Term Incentive Plan | 31/03/2033 | – | 3,449 | 2.4 |
31/03/2023 – Restricted Stock Plan | 31/03/2033 | – | 1,538 | 2.1 |
52 weeks ended 28 December 2024 | 52 weeks ended 30 December 2023 | |||||
Weighted | Weighted | |||||
average | Number of | average | Number of | |||
exercise | Number of | nil price | exercise | Number of | nil price | |
price | options | options | price | options | options | |
(pence) | (thousands) | (thousands) | (pence) | (thousands) | (thousands) | |
Outstanding at the beginning | ||||||
of the period | 70 | 10,769 | 6,948 | 75 | 10,727 | 5,845 |
Granted during the period | 56 | 2,244 | 3,390 | 39 | 2,544 | 5,017 |
Exercised during the period | 9 | (99) | (967) | 8 | (67) | (855) |
Forfeited during the period | 104 | (1,834) | (320) | 111 | (2,435) | (246) |
Cancelled during the period | – | – | (449) | – | – | (2,813) |
Outstanding at the end of the period | 67 | 11,080 | 8,602 | 70 | 10,769 | 6,948 |
Exercisable at the end of the period | – | 708 | 348 | – | – | 100 |
52 weeks ended 28 December 2024 | 52 weeks ended 30 December 2023 | |||||
Transition | SAYE and | Transition | SAYE and | |||
LTIP | Awards | Free Shares | LTIP | Awards | Free Shares | |
Range of exercise price (pence) | – | – | nil–196 | – | – | nil–196 |
Weighted average exercise price | ||||||
(pence) | – | – | 115 | – | – | 110 |
Number of shares (thousands) | 8,254 | – | 11,428 | 6,359 | 100 | 11,256 |
Weighted average expected remaining | ||||||
life (years) | 1.5 | – | 1.3 | 1.7 | – | 1.9 |
Weighted average contractual | ||||||
remaining life (years) | 8.6 | – | 1.7 | 9.0 | 7.8 | 2.4 |
As at | As at | |
28 December | 30 December | |
(£m) | 2024 | 2023 |
Contracted but not provided for in the accounts | 9.3 | 12.6 |
As at | As at | ||
28 December | 30 December | ||
(£m) | Note | 2024 | 2023 |
Financial assets: | |||
Cash and cash equivalents | 21 | 86.3 | 97.5 |
Trade and other receivables at amortised cost | 20 | 55.3 | 58.8 |
141.6 | 156.3 | ||
Financial Liabilities | |||
Trade and other payables at amortised cost | 26 | 138.1 | 136.4 |
Lease liabilities | 24 | 705.3 | 675.8 |
843.4 | 812.2 |
As at | As at | |
28 December | 30 December | |
(£m) | 2024 | 2023 |
Included in assets | ||
Level 2 | ||
Foreign currency forward contracts at fair value through profit and loss | 0.9 | – |
Included in liabilities | ||
Level 2 | ||
Foreign currency forward contracts at fair value through profit and loss | – | (0.7) |
0.9 | (0.7) |
Maturity analysis | ||||||
Between one | ||||||
Carrying | Contractual | Within one | and five | More than | ||
(£m) | Note | amount | cash flows | year | years | five years |
At 28 December 2024 | ||||||
Trade and other payables | ||||||
at amortised cost | 26 | 138.1 | 138.1 | 138.1 | – | – |
Lease liabilities | 15 | 705.3 | 868.2 | 112.3 | 396.5 | 359.4 |
843.4 | 1,006.3 | 250.4 | 396.5 | 359.4 | ||
At 30 December 2023 | ||||||
Trade and other payables | ||||||
at amortised cost | 26 | 136.4 | 136.4 | 136.4 | – | – |
Lease liabilities | 15 | 675.8 | 827.5 | 109.7 | 513.5 | 204.3 |
812.2 | 963.9 | 246.1 | 513.5 | 204.3 |
52 weeks ended | 52 weeks ended | |
28 December | 30 December | |
(£m) | 2024 | 2023 |
Salaries and other short-term employee benefits | 2.2 | 2.2 |
Post-employment benefits | 0.1 | 0.1 |
Share-based payments | 1.0 | 1.1 |
3.3 | 3.4 |
28 December | 30 December | |
(£m) | 2024 | 2023 |
Cost of goods sold | 844.4 | 857.8 |
Opening stock | 195.5 | 201.6 |
Closing stock | 192.9 | 195.5 |
Average stock | 194.2 | 198.6 |
Cost of goods sold divided by average stock | 4.3 | 4.3 |
52 weeks ended | |
Like-for-like sales - Retail | 28 December |
(£m) | 2024 |
Revenue | 1,212.3 |
Network change | (13.7) |
Revenue (like-for-like basis) | 1,198.6 |
Prior period revenue | 1,189.1 |
Prior period network change | (8.8) |
Prior period revenue (like-for-like basis) | 1,180.3 |
Increase arising on a like-for-like basis | 18.3 |
Like-for-like revenue (%) | 1.5% |
52 weeks ended | |
Like-for-like sales - Design & Installation | 28 December |
(£m) | 2024 |
Revenue | 326.5 |
Network change | (7.7) |
Revenue generated by business acquired in the period | (10.0) |
Revenue (like-for-like basis) | 308.8 |
Prior period revenue | 364.7 |
Prior period network change | (6.3) |
Prior period revenue (like-for-like basis) | 358.4 |
Decrease arising on a like-for-like basis | (49.6) |
Like-for-like revenue (%) | (13.9)% |
28 December | 30 December | |
(£m) | 2024 | 2023 |
Cash generated from operations | 170.6 | 179.6 |
Add back cash impact of adjusting items | 4.9 | 10.4 |
Adjusted cash inflow from operating activities | 175.5 | 190.0 |
Less: payment of principal of lease liabilities, net of lease incentives received | (83.4) | (83.5) |
Less: interest on lease liabilities | (30.1) | (28.2) |
Less: purchases of property, plant and equipment, and development costs of computer software | (26.1) | (38.2) |
Less: income taxes paid | (8.6) | (0.3) |
Add: proceeds on disposal of property, plant and equipment | 6.3 | 0.1 |
Less: sale and leaseback transaction | (7.4) | – |
Add: interest received | 7.4 | 7.2 |
Less: interest paid | (1.4) | (1.0) |
Free cash flow | 32.2 | 46.1 |
As at | |
28 December | |
(£m) | 2024 |
Adjusted operating profit | 67.4 |
Add back depreciation of property, plant and equipment | 22.3 |
Add back depreciation of right-of-use assets | 76.7 |
Add back amortisation | 6.6 |
Adjusted EBITDA | 173.0 |
28 December | |
(£m) | 2024 |
Net debt | 619.0 |
Adjusted EBITDA | 173.0 |
Leverage ratio | 3.6 |
Installation revenue, whereas self-serve purchases of the Wickes Lifestyle Kitchen range are classified as |
Retail. From the start of FY 2025, the Group is changing the presentation of the two revenue streams |