Wickes profit doubles as DIY retailer targets solar panel leadership

Home improvement retailer hits £1.6bn revenue as it positions itself to lead fragmented solar installation market

Home improvement retailer Wickes has seen its profit double as the company aims to become a frontrunner in solar panel installation.

The company reported revenue of £1.6bn, an increase of six per cent, while pre-tax profit rose from £23m to £49m for the year ending December 2025.

Wickes was elevated to the FTSE 250 last year, seeing a turnaround after its revenue had been hit by a decrease in consumer demand for high-value items such as kitchen installations.

The DIY retailer’s share price rose in response to the favourable results, reaching 225p in early trading on Tuesday, a rise of five per cent from Monday’s close.

The company celebrated a record market share in retail, although its overall share in home improvement, kitchens and bathrooms is only at five per cent due to the £35bn size of this market, it stated, as reported by City AM.

Expenditure on DIY is increasing as the UK’s housing stock ages, with the majority of the UK’s 29m homes being over 60 years old, according to the tool seller.

A further one in five British homes are more than a century old, and UK houses are among the least energy efficient in Europe, Wickes said.

The group is banking on its solar installation brand as a route for growth, with the total market predicted to be worth £1.5bn per year by 2028.

The firm is ready to capitalise on this “fragmented” market, which currently lacks a clear leader, it said.

“With a trusted brand and significant experience in design and installation services at scale, Wickes is well placed to be a market leader in solar and other home energy solutions.”

Wickes has witnessed stronger performance in its design and installation offerings following a downturn in big-ticket purchases in recent years, with turnover for this division rising 4.4 per cent year on year.

Shoppers are responding favourably to the modifications implemented by Wickes as part of the transformation which propelled it into the FTSE 250, including making face-to-face design appointments more accessible and replacing its telephone reservation system with an online platform.

The home improvement retailer is also venturing into premium appliances and kitchen styling, such as by introducing a high-end pastel shade collection including “Ohio pink”.

As the company’s DIY retail division continues to deliver, Wickes is investing in its TradePro membership programme, which boasts 643,000 active participants – with transactions from these customers up nine per cent year on year.

Wickes launched five new outlets last year, taking its total number of UK locations to 230. The business intends to open four or five new sites this year, as the firm concentrates on refurbishing up to 20 stores with additional space for kitchen and bathroom displays.

“Continued investment in our proven growth levers positions us well for 2026, notwithstanding the uncertain consumer and geopolitical environment, the firm said. Wickes announced a final dividend of 7.3p, resulting in a total annual dividend of 10.9p, which is consistent with the previous year.