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Banbury, Think you must have been looking at prices during the witching hour as I call it. I.e. after 4.30 when the market makers are sorting things out before going home.
The Board has declared a final dividend of 7.3p per share, in line with prior guidance, which will be paid on 7 June 2023 to shareholders on the register at the close of business on 21 April 2023.
Brought these for Divy. For a mid cap share the spread is astronomical 136 to sell 142 to buy. Is there any specific reason why spread is so wide.
Many thanks Banbury
The formatting of the results RNS on here makes it near impossible to read on my laptop. If anyone else has same problem then the stock exchange version is good:
https://www.londonstockexchange.com/news-article/WIX/wickes-group-plc-full-year-results/15887362
Or download the original pdf from Wickes website:
https://www.wickesplc.co.uk/investors/investors-overview/results-reports-and-presentations/
Investors Chronicle
Wickes hit by inflationary effects
There is a mixed outlook across the business as inflation persists
March 23, 2023
By Mark Robinson
TradePro and DIFM give cause for encouragemen.
Inflation continues to supress household spending.
For Wickes (WIX), results for 2022 were always likely to be fragmentary in a year characterised by steepening inflation and a strong central bank response. Even though we may be approaching the apex of the current interest rate cycle, it pays to determine which parts of the product offering are impacted by a fall in discretionary household budgets. Lest we forget, UK inflation remains in double digits.
WIX:LSE
Wickes Group PLC
1mth
Today change
0.00%
Price (GBP)
142.7
Management indicates that trading has been mixed in the early part of 2023, with core sales “moderately behind the same period last year”, while trade volumes give cause for optimism. Indeed, the digital TradePro membership growth rate and associated sales both increased by just under a fifth, with new customer numbers for the former up by 112,000, taking the total to 746,000. Do-it-yourself volumes have continued to “normalise”, helped along by click & collect and Klarna payment options, while sales are recovering strongly at the do-it-for-me (DIFM) segment, an end-to-end service on items such as kitchens and bathrooms that suffered due to pandemic disruption.
Inflation not only eats into discretionary (non-essential) home improvement budgets, but it also weighs on margins. So, despite further market share gains in the core segment, and over £20mn in productivity and efficiency gains, the group’s adjusted operating margin contracted by 90 basis points to 6.7 per cent.
Management said that, although some DIY activities were brought forward during early phases of the pandemic, some larger projects linked to trade and DIFM channels may have been deferred. Ultimately, however, the appetite for home improvements will be suppressed by inflationary effects, which will also eat into margins. Wickes’ hefty leasehold obligation also stands as a bear point, although, on balance, we think that a forward rating of six times consensus earnings and a prospective yield of 5.8 per cent mean the medium-term risks to profitability are overstated. Buy.
Last IC view: Buy, 123p, 16 Sep 2022
Cheers.
So, on current SP we have a very healthy 8% yield which togther with the huge retained earnings figure means this share is way under where it should be. I suppose the market will eventually come to it's senses, in the meantime, I shall be bying another sizeable tranche.
I see Dividend Max have just amended their previous forecast to 7.3p per share to be paid etc as my previous message...
From RNS.
“The Board has declared a final dividend of 7.3p per share, in line with prior guidance, which will be paid on 7 June 2023 to shareholders on the register at the close of business on 21 April 2023. This will bring the full year dividend for FY2022 to 10.9p.The proposed final dividend is subject to the approval of shareholders at this year's Annual General Meeting. The shares will be quoted ex-dividend on 20 April 2023”
7.9p . Ex dividend 20th April. Payment due 7th June
As per DividendMax information
What pence are we on the div, Culp? Not had a chance to read yet ??
Low volume. Guessing it’s generally viewed as a hold, and wait for dividend.
Yes. But it’s how Wickes and others may stand, fairly reported.
And “Statutory profit before tax of £40.3m after absorbing non-recurring costs of £35.1m”
I was surprised they are still flagging a £10m year on year utilities increase. Post July they should have an opportunity to lock in lower.
Overall good notwithstanding energy impact
https://www.lse.co.uk/rns/WIX/wickes-group-plc-full-year-results-02f2mu5n2xgpops.html
They’re there to be read. I shall have a better look later, but very content with that. On market gains and Kingfisher results this week, I note.
Like for like sales growth.
Kingfisher U.K. and Ireland. - 6.9%
Wickes. +3.5%
Well there's no fool like an old fool eh? Also Wickes yield (not shown correctly on this site) is more than double what KGF has paid recently so my money will stay put.
There’s a Motley Fool article out, by a shareholder in KGF.
https://www.fool.co.uk/2023/02/10/can-i-afford-to-miss-a-wickes-shares-bargain/
This one says Wickes has about 5% of the UK market based on analyst estimates, and that Kingfisher is about 10 times larger in terms of revenues so it should have about half the market.
Last full year results revenues UK and Ireland for KGF £6505m
Last full year results revenues for Wickes £1534.9m
It’s always possible I’ve read it wrongly or missed the obvious. I shall be put right on here.
A little interesting when thinking of quality of installations, maybe.
https://www.theretailbulletin.com/home-and-diy/a-great-opportunity-says-wickes-apprentice-nathan-10-02-2023/