Wickes sales jump higher ahead of Travis Perkins split
29 January 2020, 11:04
The home improvements business is “on track” to separate from listed parent company Travis Perkins in the second quarter of 2020.
Wickes’ sales have increased ahead of the DIY and building supplies firm’s split from parent business Travis Perkins.
Bosses hailed a “strong” performance in the fourth quarter and full-year 2019.
The company’s like-for-like sales increased by 4.5% in the final quarter, while total sales for the period jumped 3.4%.
Meanwhile, it said like-for-like full-year sales increased by 8.7% as the company pushes ahead with plans to demerge with Travis Perkins.
In July, Travis Perkins announced plans to separate the Wickes business as part of its long-term strategy to simplify its operations.
David Wood, chief executive of Wickes, said its recent sales growth is “setting Wickes up well” for the intended demerger, which is “on track” to take place in the second quarter of 2020.
Mr Wood said: “We are looking forward to our future as a standalone business, building towards our vision of a Wickes project in every home, allowing us to create long-term value for all our stakeholders.
“We have great confidence in our strategy, which is centred around our strong brand, a distinctive and hard to replicate customer proposition, a uniquely balanced business and a low cost and efficient operating model.
“We are pleased with the growth Wickes is delivering and confident in our ability to continue to grow.”
Shares in Travis Perkins increased by 1.7% to 1,598p in early trading on Wednesday.