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LONDON, March 24 (Reuters) - British home improvement
retailer Wickes, which is being demerged from jbuilding
materials group Travis Perkins, on Wednesday forecast
full year sales growth ahead of its markets.
The home improvement, or do-it-yourself (DIY), sector has
performed well during the COVID-19 pandemic as Britons have
spent more time at home, have had fewer leisure options and have
travelled less.
On Monday B&Q owner Kingfisher reported a 44% jump
in full year profit.
Wickes said trends seen in the second half of 2020 had
continued into the current financial year, with strong sales of
core products.
However, do-it-for-me (DIFM) orders were about 50% lower
year-on-year through the key winter sale period, as showrooms
remained closed.
"Core growth is expected to moderate against tougher
comparatives through the year and management is confident in a
recovery of DIFM sales with pent up demand, evidenced through a
high level of enquiries, likely to come through as lockdown
restrictions ease," it said.
Wickes' like-for-like revenue growth was 19.3% in 2020.
The update on current trading was published after Travis
Perkins said the circular and prospectus in relation to the
demerger and listing of Wickes shares had been submitted to the
Financial Conduct Authority for approval.
Shares in Travis Perkins, which have doubled over the last
year, closed Tuesday at 1,585 pence, valuing the business at 4
billion pounds ($5.5 billion).
($1 = 0.7307 pounds)
(Reporting by James Davey, editing by Louise Heavens)
