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19th March 2024.
Anticipate as most in that line are doing, a cautious outlook, with preparation for improving times. And mention of next tranche of buyback programme. And divi.
On housebuilding, this is the latest snapshot in time following today’s publication. Just one of several. See how we go.
The UK Construction sector has a spring in its step, optimism for the year ahead the highest it’s been since Jan 22 - with the exception of the commercial sector, all 3 main categories of construction activity saw a near-stabilisation of business activity in Feb with housebuilding making the biggest comeback since Jan
@SPGlobalPMI
I think this pretty well reflects where we’re at just now, with hopes tending towards H2 for any trending improvement in volumes.
https://professionalbuildersmerchant.co.uk/news/final-bmbi-report-2023-builders-merchant-sales-downturn/
I should have added that Wickes seems well-placed to me to compete for market share.
Agreed Pepper.
Disappointed by the drop from 160p to 150p , but expecting more buy backs and tiny chance of a divi increase or special on results day
Fingers crossed
I don’t want to see it going down. Deep search for bright side in fullness of time they can buy back 6% more shares for their cash at 150 than 160.
Like the optimism Pepper. I sold VTY to buy a tranche of these at 1.30. Missed out on 70% gain got a 20% one. But nonetheless a winner !!!
I’ve accepted I’m here until the economy, house moves change for the better, whereupon I’ve convinced myself Wickes can compete with anybody in UK, and at the moment get market share, with a sweetener in the divi.
A bit different, but Marshall’s taking rather a hit this morning. Wickes may already have lost some of that more recently. Just can’t tell.
Https://www.lse.co.uk/rns/WIX/full-year-results-2023-8kvhib9bqpgrmu1.html
I’m pleased with that. Better than expected for me, when set against most of what I’ve been reading. And an acquisition to boot. Confidence going forward.
‘Remainder of current £25m share buyback programme expected to be completed by 30 September 2024’
£14.9m to go.
That’s solely to increase the EPS, and then supports the divi.
I missed that one.
https://www.lse.co.uk/rns/WIX/share-buyback-programme-ed3wpfywvnk9nha.html
Expenses knocked off amount for buy-back.
Summary.
https://www.proactiveinvestors.co.uk/companies/news/1043464/wickes-enters-solar-market-posts-flat-yearly-revenues-1043464.html
They haven’t quite gripped the buyback state of play.
I see Solar Fast also supply Electric Vehicle charging kit.
Definitely there is room for more profit warnings and downgrading. You may argue that it is already priced in, but you know the market, can take further dives. I will sit on the sidelines.
Potentially but proven pretty resilient and been through tough times already. Maybe had nadir already and could see macro improving, wage growth outstripping inflation, decreasing base rate, housing market incentives, energy cost cutting etc.
Well, their guidance is on page 11.
They say they are comfortable with consensus expectations.
https://www.wickesplc.co.uk/media/vhypw3tk/fy-2023-deck-final.pdf
Panmure Gordon one of those reaching consensus.
https://www.proactiveinvestors.co.uk/companies/news/1043515/panmure-downgrades-wickes-profit-guidance-due-to-cost-pressures-1043515.html
Annual Report
https://www.wickesplc.co.uk/media/behjhuqj/wickes-annual-report-2023.pdf
Acquisition gone through
https://www.londonstockexchange.com/news-article/WIX/acquisition/16481387Q
Https://www.londonstockexchange.com/news-article/WIX/acquisition/16481387
Could be a bit of a game changer this
It will be immediately accretive, so will help the bottom line.
“The Business will be fully consolidated into Wickes' accounts upon completion. It is cash generative and profitable and is expected to be immediately accretive to group profits. “