10 September 2025

Wickes Group Plc - Interim Results 2025

for the 26 weeks to 28 June 2025

Strong profit growth driven by increase in volumes across both Retail and D&I

FY25 expectations unchanged

Financial Summary

Strategic Highlights

Current Trading & Outlook

Trading in Q3 so far has been in line with expectations.  The phasing of increased people costs and new stores will impact more fully in H2; our technology investment in SaaS projects⁷ will increase P&L costs by c£10m on a full year basis.  Notwithstanding these cost increases, our strong first half performance and ongoing productivity programme mean that we remain comfortable with current consensus expectations⁸ for adjusted PBT in 2025.

Our Q3 trading update will be released in late October.  An investor insight event will take place on 14 October, focused on our Design & Installation business, with further details to follow in due course.

David Wood, Chief Executive of Wickes, commented:

"Wickes has delivered a strong first half, with volume growth across the Group. I would like to thank all of my colleagues for their continued hard work and dedication, providing outstanding customer service and helping the nation feel house proud. 

"In Retail, we have achieved record market share growth and have prioritised convenience, choice and speed, helping grow TradePro sales by a further 10%. With DIY, our focus on broadening appeal and innovating in strategic categories has seen more customers choose Wickes to bring their home improvement projects to life. In Design & Installation, the actions we undertook to enhance the customer experience have seen us return to like-for like sales growth, ahead of the wider market for big ticket items.

"Our proven strategy is working. Whilst we remain mindful of the cost headwinds facing the sector as a whole, continued investment in our growth levers and digital initiatives means we are well positioned for the future and remain comfortable with market expectations for the full year".

Summary of full year financial results

Investor & Analyst meeting

A presentation for investors and analysts will be held today at 8.30am (UK time), followed by a Q&A with the Wickes management team. A live webcast can be accessed here: https://brrmedia.news/WIX_HY_25

A recording will be available on the Wickes Group Plc website after the event: https://wickesplc.co.uk

Enquiries

About Wickes

Wickes is a digitally-led, service-enabled home improvement retailer, delivering choice, convenience, value and best-in-class service to customers across the United Kingdom, making it well placed to outperform its growing markets. In response to gradual structural shifts in its markets over recent years, Wickes has a balanced business focusing on three key customer journeys - TradePro, DIY (together reported as Retail) and our project-based Design & Installation division.

Wickes operates from its network of 230 right-sized stores, which support nationwide fulfilment from convenient locations throughout the United Kingdom, and through its digital channels including its website, TradePro mobile app for trade members, and Wickes DIY app. These digital channels allow customers to research and order an extended range of Wickes products and services, arrange virtual and in-person design consultations, and organise convenient Home Delivery or Click & Collect.

Forward looking statements

This announcement has been prepared by Wickes Group Plc. To the extent it includes forward-looking statements, these statements are based on current plans, estimates, targets and projections, and are subject to inherent risks, uncertainties and other factors which could cause actual results to differ materially from the future results expressed or implied by such forward-looking statements. Neither Wickes Group Plc, nor any of its officers, Directors or employees, provides any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this announcement will actually occur. Wickes Group Plc does not undertake any obligation, other than in accordance with our legal and regulatory obligations, to update or revise any forward-looking or other statement, whether as a result of new information, future developments or otherwise.

Business review

Market

The UK home improvement sector represents a large and attractive market of c. £27bn⁹. Within this market we have a significant opportunity for long-term growth, given our relatively small market share of around 6%. The challenging trading conditions of the last two years have resulted in the exit and/or restructuring of retailers such as Homebase, Carpetright, CTD Tiles and Wilko, presenting an opportunity for strong businesses of scale, such as Wickes. The market has grown at c. 2.5% per annum on average over the past ten years, driven by the high average age of the UK's housing stock, the rising number of UK households and increasing home ownership. Specialist DIY sales are forecast to grow by 2.6% per annum between 2025 and 2030, according to Mintel¹⁰ driven by improved confidence and expected improvement in the housing market.

There are a number of macroeconomic trends which affect our market. Whilst the Wickes home improver customer base has not been immune from cost of living pressures (such as increased mortgage rates or rents), they tend to be slightly older and more affluent than the UK average. Moving house is often a trigger to undertake major home improvement projects over time and the rate of UK housing transactions remains stable on an underlying basis¹¹. Wickes has virtually no exposure to civil engineering or the new-build housing market, given that our customers are mostly home improvers and independent tradespeople. Consumer confidence in the UK has remained subdued and savings rates remain high¹² with consumers cautious of undertaking major home improvement projects.

Britain's 29.8m¹³ homes are among the least energy efficient in Europe, losing heat up to three times faster than in continental Europe¹⁴. The average household energy efficiency rating for England and Wales is band D¹⁵ and the UK government estimates that 33% of homes with a loft do not have loft insulation¹³. At Wickes we are committed to helping our customers improve the energy efficiency of their homes and save money on their energy bills.

Our August 2025 Mood of the Nation survey showed that planned spend by UK consumers on a new kitchen or bathroom remains below historical norms, but stable over recent months. The survey also showed that local trade professionals remain busy, with 1 in 4 having a pipeline of work of more than 12 months. For DIYers it showed that there is continued interest in home improvement but with a focus on smaller projects.  Convenience and speed are becoming increasingly important, with almost 60% of customers expecting faster deliveries and also prepared to pay more for same-day service¹⁶. 

Progress against strategic growth levers

The company's strategy, as outlined at the time of the 2021 demerger, has delivered strong operational progress centred around developing and extending the Group's growth levers. These contribute to an improvement in our products and services, saving our customers time and money. Continued investment in the following growth levers will drive further market share growth in the coming years:

1.   Winning for trade

2.   Accelerating Design & Installation

3.   DIY category wins

4.   Store investment

5.   Digital capability

6.   Enhanced store service model

7.   A winning culture

1.    Winning for trade

Our TradePro membership scheme continues to attract local traders, who choose Wickes for its strong value credentials and simple discount scheme, high quality products, availability on the lines that matter most, as well as the convenience of our Click & Collect service, which has now been enhanced from 30 minutes to just 15 minutes.

Sales from TradePro members increased by 10% year-on-year in H1 2025. The strong growth in the number of active customers to 615,000 was partially offset by a slight decline in average basket size as tradespeople have been managing their material quantities more carefully.

TradePro members benefit from our rewards programme, with access to special deals on services such as skip hire, insurance and media subscriptions.

We continue to use behavioural analytics to understand the drivers of average spending by decile. Our proprietary and market-leading machine learning model, the Mission Motivation Engine (MME), drives deeper customer relationships and extracts greater lifetime value. 

2.    Accelerating Design & Installation

The positive momentum within Design & Installation has continued. Following the actions taken in H2 2024 to enhance our customer offer, we achieved a third consecutive quarter of ordered sales¹⁷ growth in Q2 2025 and the first quarter of positive LFL delivered sales¹⁸ growth since Q2 2023.

This improvement has been driven by the enhancements we have made to the business in what has remained a challenging market. In response to customer feedback, we have simplified the customer journey and now present a unified Wickes Kitchens and Wickes Bathrooms offering, rather than separate Bespoke and Lifestyle paths. This new approach encompasses brochures, website, advertising and promotions. We have streamlined the customer journey in store by ensuring that new customers are able to interact directly with a Design Consultant as soon as they begin the design process, and by increasing the availability of Design Consultants. Customers are now able to book an appointment instantly with a Design Consultant, through our website, in the store of their choice, replacing a more cumbersome telephone booking system. We also use a technological solution for scheduling installers, with our Customer Experience Centre overseeing the multi-stage installation process.

We have launched a number of strategic initiatives for 2025 and beyond, such as range enhancements into high-end kitchen appliances such as SMEG.  The launch of eight new colour choices in our Lifestyle kitchens range has expanded our breadth and enabled us to capture new customers, such as those seeking pastel colours, like Ohio Pink. We are preparing to launch a Paint to Order service for kitchen cabinets this autumn to offer further choice.

Wickes Solar is now sold in our entire store estate. We have installed gondola-ends in prominent locations displaying solar panels, batteries and inverters for customers to see and touch, as well as smaller point-of-sale materials around the stores and in the areas where customers sit with Design Consultants.  These physical changes, in combination with the digital journey on the Wickes website, have led to Wickes-generated leads now representing over 80% of total Wickes Solar installations. Around 100 Wickes Design Consultants have now been trained to offer Wickes Solar in store and in the home, which is proving popular in a market where customers particularly value face-to-face advice. 

The market for domestic solar installations in the UK is in long-term growth, with the market estimated to be worth £1.5bn pa by 2028¹⁹. It is a highly fragmented market with no clear brand leader.  With a trusted brand and significant experience in design and installation services at scale, Wickes is well-placed to be a market leader in home energy solutions. We have an option to purchase the remaining 49% of the issued share capital of Solar Fast by May 2029, in tranches of not less than 10% of the issued share capital, based on a valuation of 6x the last twelve months EBITDA at the time.

3.    DIY category wins

Our market share in Retail has reached record levels, with strength across numerous categories, particularly in timber, garden maintenance and decorating.

Wickes continues to appeal to an ever broader audience as we grow our key strategic categories.  Paint is a gateway category, which features in the majority of home improvement projects.  This year we have further evolved our 'colour valley' in order to maximise our market share growth opportunity by improving the colour choice proposition for DIY customers.  This has involved re-flowing our decor bays and has enabled us to increase capacity.  This has created additional space for colour mixing, which is now also available online.  We have had a full range review of decorative attachment categories, covering brands and price architecture.  Other range reviews have included lighting (introduction of matt black downlights, new solar energy range), locks (introduction of new finishes), more Wickes branded nuts & bolts, new Pro Wickes power tool range, flooring (new moisture-resistant laminate range), tiling and radiators (new products online). 

Our Customer Satisfaction metrics are very strong, with 85% of customers responding that our Click & Collect service was 'excellent' or 'good' and 85% of customers responding that their home delivery was 'excellent' or 'good'. 

We continue to focus on what matters to our customers, namely the importance of convenience, choice and speed.  Our Click & Collect promise has recently been enhanced from 30 minutes to just 15 minutes.  Our Wickes Extra range offers customers easy access to our extended range online.  The recent launch of Wickes Rapid enables customers to place orders of up to 800kg for local delivery to their home or site within three hours.  This highly differentiated service, with a specialist partner, is available seven days per week on over 10,000 SKUs. 

4.    Store investment

Investment in our store network continues, to modernise the stores, improve our showrooms and create additional fulfilment space.

Our refit programme continues to deliver good returns with strong sales uplifts, particularly from the Design & Installation areas, where we are able to showcase our full offer of kitchens and bathrooms. The refits enable us to upgrade the efficiency of multi-channel order pick and despatch, which drives sales densities, underpins our new 15-minute Click & Collect promise and increases customer satisfaction metrics. 186 stores, or 82% of the network, are now in our new format, with one store refitted in H1 2025 and a further three refreshed.

Our new store opening programme is performing well and we expect our new stores to deliver good economic returns, once mature. One new store opened during H1 2025 in Leeds Moor Allerton, which is a former Homebase store.  During H1 2025 we closed one store (Muswell Hill Kitchen & Bathroom) and ended the period with 228 stores. Since the period end we have opened new Wickes stores in a further two former Homebase sites, in Bury St Edmunds and Dunfermline. 

Our property plans for the remainder of H2 2025 are on track. These include the opening of another former Homebase store in Northampton. We are planning a total of 10-15 refits/refreshes in the year and 5-7 new stores. We have an exciting pipeline of new stores planned for the coming years, as we target an overall estate of around 250 stores over the medium term.

5.    Digital capability

We continue to invest in our digital capabilities to underpin enhanced customer experience and productivity.

A number of the initiatives undertaken in recent years continue to drive growth, such as the introduction of direct-to-diary booking by customers for their appointment with a Design Consultant, which has greatly improved the proportion of leads that continue through the sales funnel.  Our proprietary and market-leading machine learning model, the Mission Motivation Engine (MME), delivers tailored content to customers to help them complete their home improvement missions and this continues to drive incremental revenue.  New and improved functionality in our colleagues' handheld devices has enabled us to achieve faster fulfilment times and thereby start offering a 15 minute Click & Collect service, instead of 30 minutes, as well as launching the Wickes Rapid service. 

Our ongoing digital investments are also driving significant productivity benefits, such as the AI-driven predictive stock forecasting platform, which is delivering materially enhanced productivity whilst driving an enhanced customer experience and lower costs. The platform has led to a significant improvement in stock forecast accuracy with material financial benefits. We have delivered a reduction in total stock units held, a c.70% reduction in third party storage usage over two years and improved store availability alongside the reduction in stock levels. For our Design & Installation business, the FSM scheduling tool which we introduced last year has resulted in an enhanced customer experience and reduced costs. 

There are a number of projects which we are currently investing in to drive future growth, such as our new design software.  This will be rolled out to all Wickes design consultants in time for the Winter Sale 2025/26 and will transform the customer experience by unlocking new capabilities for faster, more inspirational design visualisations.  In H2 2026 we will transform our till systems into a unified commerce platform for a seamless online/in-store customer experience and for improved store inventory management.  We will implement an order management system to simplify our ordering and fulfilment capabilities and improve customer order accuracy, in two phases launching in H1 2026 and H2 2027.

6.    Enhanced store service model

Our '4C' model aims to meet our customers' needs through all four of our store network journeys: Self Serve, Assisted Selling, Order Fulfilment and the Design & Installation showrooms. Our approach offers a seamless shopping experience for customers and ensures that our store estate works hard for us. Recent changes to the store estate have increased back of house capacity for Click & Collect and Home Delivery Order Fulfilment, while reducing the impact on customers in the store.

7.    A winning culture

We are proud of the Wickes culture which over the past fifty years has evolved to become a modern, inclusive workplace where all colleagues can feel at home and have the opportunity to grow their skills and develop their careers. We continue to engage with colleagues so that they are informed, inspired and motivated to play their part in delivering our strategy through exceptional levels of customer service.

We are proud that Wickes has been voted the number 1 UK retailer in the Financial Times survey of Europe's Best Employers 2025 and was ranked #87 out of 1,000 companies.

Responsible Business Strategy update

During H1 2025 we have continued to focus on integrating our Responsible Business Strategy 'Built to Last' across our business and our supply chain, with continued progress made across all three pillars of the strategy.  

The wellbeing and safety of our colleagues and customers remains our number one priority and is a key part of our Responsible Business Strategy. In H1 2025, we updated our Health and Safety Policy, which is available on our website. 

Our progress with ESG continues to be recognised and we have increased our scores in a number of prominent ESG ratings including FTSE4Good.  

1.    People

Inclusion and diversity remain central to our people strategy through our 'Feel at Home' colleague-led inclusion and diversity programme. In H1 2025, we rolled out active bystander training to over 1,000 line managers, providing methods to help deal with incidents of racism, sexism and all other forms of discrimination. We also achieved Level 2 Disability Confident Employer, reflecting our ongoing commitment to creating an inclusive workplace where everyone can thrive. 

As we continue to support our colleagues to develop their careers with us, we launched a new self-learning and development platform, which is available for all colleagues across the business to access. 

Through the Wickes Community programme, we have now supported over 1,200 projects in local communities across the country, taking us to over 50% of our target for 2025. The Programme won Best Community Engagement Programme at the CSR Awards. 

Our two-year charity partnership with The Brain Tumour Charity completed in April 2025, and we successfully reached our target of raising £2 million for the charity, with the generosity of our customers, colleagues and suppliers. The partnership was also recognised by winning the Best Short Term Partnership award at the Third Sector Business Charity Awards. In May 2025 we launched a new two-year partnership with CALM, the suicide prevention charity. 

2.    Environment

We received approval from the Science Based Targets initiative (SBTi) for our updated near-term Science Based targets (SBTs). In H1 2025, we have continued to develop and refine our Scope 1 and 2 decarbonisation plan. We remain on track to meet our 2030 near-term target, having already transitioned to a 100% renewable electricity contract, and we now have solar generation installed at 13 of our stores. 

With over 95% of our GHG footprint related to the products we sell, collaboration with our suppliers is critical to reducing our scope 3 emissions. To this end, we have continued to collaborate with our suppliers directly and also with the wider home improvement retail industry through our membership of the British Retail Consortium's Climate Action Roadmap and the global trade body for home improvement retailers EDRA/GHIN's Make it Zero initiative. 

As we continue to improve our in-house carbon accounting capability, we commenced our partnership with the GHG emissions software platform provider, Sweep, in H1 2025. We have been implementing the platform to be able to measure our full GHG inventory in-house, and we plan to ask our suppliers to report their carbon emissions, in our pursuit to improve the accuracy of our carbon accounting. 

In recognition of the growing interest and concern about the financial-related impact of nature loss, we have kicked off a high level study of the nature-related risks and opportunities that could impact our direct operations and supply chain, in line with the Taskforce for Nature-related Financial Disclosures framework. 

3.    Homes

As Solar Fast continues to be integrated in our business, we now have Wickes Solar point-of-sale assets in all stores and have trained 100 design consultants to support customers with their solar projects in-store and in the home. With a trusted brand and significant experience in design and installation services at scale, Wickes Solar is well-placed to be a market leader in home energy solutions, as noted above. 

We have commenced a project to develop a robust methodology to quantify the positive impact from the avoided GHG emissions that we have enabled through helping our customers with their solar installation projects. 

Financial review

In the first half of 2025 we have delivered strong volume-led growth momentum across all areas of the business. 

Revenue of £847.9m reflected 5.6% sales growth year on-year.  Retail sales were driven by an increase in volumes while pricing remained broadly stable.  

The positive momentum within Design & Installation has continued. Following the actions taken in H2 2024 to enhance our customer offer, we achieved the first quarter of positive LFL delivered sales growth since Q2 2023. 

Adjusted profit before tax increased to £27.3m (H1 2024: £23.4m) and statutory profit before tax increased by 5.7% to £24.2m (H1 2024: £22.9m). 

There was £158.0m of cash on balance sheet at the end of the period (H1 2024: £152.4m), after £16.7m of dividends and £8.1m of share buybacks²⁰. 

Revenue

Revenue for the 26 weeks to 28 June 2025 was £847.9m (H1 2024: £803.2m), an increase of 5.6% on the prior year.  LFL sales for the period were up 4.5%. 

Retail revenue - sales from products sold to DIY customers and local trade professionals - increased by 6.8% to £634.4m (H1 2024: £594.0m). Retail LFL revenue increased by 6.4%, driven by positive volume growth. 

Our TradePro business continues to perform strongly, with sales up 10% year-on-year, as local trade professionals continue to choose Wickes to save them time and money.  

DIY sales were in mid-single digit growth, with volumes driven by increasing customer transactions. Our performance in the first half reflects the strength of the Wickes offer, with Q2 trading further assisted by the warm spring weather and the timing of Easter. 

Design & Installation delivered revenue¹⁸ was £213.4 (H1 2024: £209.2m), an increase of 2.1%.  Following the actions taken in H2 2024 to enhance our customer offer, we achieved a third consecutive quarter of ordered sales growth¹⁷ in Q2 2025 and the first quarter of positive LFL delivered sales growth¹⁸ since Q2 2023. 

Gross profit

Adjusted gross profit for H1 2025 was £312.0m, a 7.9% increase compared to the prior year (H1 2024: £289.2m). Adjusted gross margin increased by 79 basis points, as a result of volume growth, category mix and lower consumer credit costs. 

Compared to adjusted gross profit, the statutory measure has been affected by net unrealised gains and losses on remeasurement of foreign exchange derivatives held at fair value relating to economic hedges (H1 2025: £3.2m loss, H1 2024: £(0.5)m gain).  

Operating profit

Adjusted operating profit of £40.1m increased by 14.2% year on year (H1 2024: £35.1m) due to revenue growth driving operational leverage, in addition to our productivity programme having helped to mitigate cost inflation.  The adjusted operating profit margin increased to 4.7% (H1 2024: 4.4%).

Statutory operating profit increased by 6.0% to £37.0m (H1 2024: £34.9m). 

Net finance costs

Net finance costs were £12.8m (H1 2024: £12.0m), principally comprising finance costs relating to the IFRS 16 interest charge on leases, partially offset by interest income earned on cash balances. 

Adjusted profit before tax

Adjusted profit before tax was £27.3m (H1 2024: £23.4m), an increase of 16.7% year-on-year, reflecting the strong performance outlined above. 

Adjusting items

Pre-tax adjusting item charges were £3.1m (H1 2024: £0.5m). These comprise costs related to derivative fair value losses on foreign exchange contracts of £3.2m (H1 2024: gain of £0.5m), offset by a restructuring provision release of £0.1m. 

Profit before tax

Profit before tax increased to £24.2m (H1 2024: £22.9m) reflecting the factors noted above.

Tax

The tax charge for the period was £3.6m (H1 2024: £6.0m). The effective tax rate (before adjusting items) for the period was 16.0% (H1 2024: 25.4%), which differs from the UK corporation tax rate of 25% principally due to revising estimates related to capital allowance claims on historic capital expenditure and prior year adjustments. 

Tax credit on adjusting items was £0.8m (H1 2024: tax charge of £0.1m).  

Investment and capital expenditure

Capital expenditure was in line with our expectations at £9.5m (H1 2024: £12.1m). 

The largest component of capex was £8.4m investment in the store estate (H1 2024: £9.8m), of which refits and refreshes were £2.3m, new stores £3.5m and other store capex across the estate £2.6m.  There was £1.1m capex investment in our digital capabilities (H1 2024: £2.3m), as we continue to develop our multi-channel offer. 

We expect capital expenditure for 2025 to be £30-35m, driven by a step-up in investment in the store estate and further IT capital expenditure, as we continue to enhance our operating systems and customer experience. In addition we expect to invest c.£15m in SaaS IT projects, which will be expensed through the income statement.

Cash / net debt

Cash at the end of the period was £158.0m (H1 2024: £152.4m), in line with our expectations.  

Operating profit increased year-on-year, resulting in cash flows from operations of £94.3m (H1 2024: £89.5m). Cash inflows related to working capital movements were £80.5m (H1 2024: £64.9m), reflecting a seasonal benefit higher than in prior years due to strong trading.  Cash outflows from financing activities of £91.9m (H1 2024: £83.7m) include £55.9m (H1 2024: £51.6m) related to lease liabilities, £16.7m dividend payments (H1 2024: £20.0m), £11.9m of share purchases for the Employee Benefit Trust²¹ (H1 2024: nil) and £8.1m of share buybacks²⁰ (H1 2024: £11.3m).  

Inventories increased slightly to £198.5m (H1 2024: £195.1m), in line with our expectations. 

IFRS16 net debt increased to £561.4m (H1 2024: £548.6m), primarily reflecting new and extended leases. 

Dividend

The Board has recommended an interim dividend of 3.6p per share, which will be paid on 7 November 2025 to shareholders on the register at the close of business on 3 October 2025. 

The shares will be quoted ex-dividend on 2 October 2025. Shareholders in the UK may elect to reinvest their dividend in the Dividend Reinvestment Plan (DRIP). The last date for receipt of DRIP elections and revocations will be 17 October 2025. 

Technical guidance

The following represents unchanged guidance for the full year 2025:

Appendix

Risks and Uncertainties

Wickes has a formal risk management process to help the Group reinforce its short, medium and long term success, safeguard value and enable it to meet and exceed the expectations of stakeholders. 

A detailed explanation of the risks and uncertainties which were identified for 2024 can be found on pages 69 to 75 of the Annual Report and Accounts 2024.  The principal risks and uncertainties comprise:

The Board continues to review changes to risks and uncertainties that may arise, remaining mindful of the external environment. 

Footnotes

1) Retail revenue refers to all products and related delivery income sold to customers (both DIY and local trade), in stores or online, excluding those reported as Design & Installation Ranges.

2) Design & Installation revenue includes all product categories which could be sold as part of a design and/or installation and where the majority of sales of those products are designed and/or installed.  This relates principally to projects such as kitchens, bathrooms and solar, sold by our Design Consultants. Revenue is recognised when delivery and installation (where applicable) is complete. Design & Installation includes Solar Fast from 21 May 2024 onwards.

3) For a definition of like-for-like ('LFL') sales, see note 3 of the financial statements.

4) See note 2 of the financial statements and both the Reconciliation of Alternative Performance Measures note and the Alternative Performance Measures note for a detailed explanation of these items.

5) Active members of the TradePro scheme are defined as those who have shopped with us in the last 12 months.

6) Source: GfK GB point of sale data, sourced from GfK DIY Category Reporting June 2025.

7) These are the costs incurred which relate to 'software as a service' solutions that are immediately expensed under the Group's accounting policy and do not result in an intangible asset.

8) Consensus adjusted PBT for FY 2025 is £48.2m as at 1 September 2025, with a range of £46.8m to £51.5m. 

9) Source: GfK, Mintel and Wickes estimates.

10) Source: Mintel UK DIY Retailing report, June 2025.

11) HM Revenue & Customs monthly property transactions completed in the UK with a value of £40,000 or above, June 2025.

12) GfK Consumer Confidence Index, August 2025.

13) Department for Energy Security & Net Zero, Household Energy Efficiency, 28 March 2024.

14) Decarbonising Buildings: Insights from Across Europe, published by the Grantham Institute - Climate Change and the Environment at Imperial College London, December 2022.

15) ONS Energy efficiency of housing in England and Wales 2024.

16) Source: Metapack Ecommerce Delivery Benchmark Report, Retail Economics in partnership with Auctane, February 2025. 

17) Ordered sales refers to the value of orders at the point when the order has been agreed.

18) Delivered sales refers to the revenue which is recognised when the Group has satisfied its performance obligation to the customer and the customer has obtained control of the goods or services being transferred.

19) Source: Wood Mackenzie UK PV Capacity Forecast.

20) Before stamp duty and commission.

21) Before stamp duty, commission and cash received from employees.

22) Excludes impact of expensed SaaS IT investment costs. These are the costs incurred which relate to 'software as a service' solutions that are immediately expensed under the Group's accounting policies and do not result in an intangible asset.

Condensed consolidated income statement and statement of comprehensive income

* Comparative information in respect of revenue and cost of sales has been amended for delivery income. For details of the re-presentation, see note 3.

Condensed consolidated balance sheet

Condensed consolidated statement of changes in equity