Wickes buys into solar panel installation company Solar Fast
Alongside what building supplies company Wicks says was a "robust" set of full-year results it has confirmed it will be acquiring a 51% stake in the parent company of Solar Fast.
To the end of December, while Wickes revenue eased back 0.6%, year-on-year, to £1.55 billion, pre-tax profit rose by 2% to £41.1 million with what it says was ‘particularly strong growth’ of 11% in its TradePro sales where members climbed from 746,000 of TradePro members to 881,000. David Wood, chief executive of Wickes, said: "This has been another year of strong progress for Wickes. Our robust trading performance, targeted investment programme and disciplined cost control have delivered profits ahead of expectations. The acquisition of a 51% stake in Gas Fast, the parent company of leading solar installations company Solar Fast was the surprise with Wickes telling the market the purchase will enable it to expand its offering into the fast-growing market for home energy solutions, initially with solar and gas boilers and, in time, air source heat pumps and other services.
(AI Video Summary)
Wickes
Wickes, a popular do-it-yourself chain, is facing some challenges in the market. Although they reported a 2% increase in profit before taxes, their overall profit numbers were slightly lower compared to last year. But, there is some good news for Wickes. They saw a significant growth in their trade pro membership, which means more people are signing up to be part of their professional network. In fact, their membership grew from 746,000 to 881,000 in just one year.
Wickes stock market performance
However, despite these positive results, Wickes stock market performance was a bit shaky. In the morning, the stock rose up by over 5%, giving investors some hope. But unfortunately, by the end of the day, it fell down by a quarter of 1%. It's a rollercoaster ride for Wix investors!
One interesting thing to note is that Wickes is making a smart move by acquiring a majority stake in Solar Fast, a solar installation panel company. They believe that the solar installations business will be a big moneymaker in the future, so they're getting in on the action early. It shows that Wickes is thinking ahead and looking for new opportunities.
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