Wickes Group
Website:
Wickes Group
Index:
FTSE 250
EPIC: WIX
Supersector:
Retail
Sector:
General Retailers
Subsector:
Home Improvement Retailers
Market Cap:
£460.53M
Payout Frequency: Semi-Annual
Wickes Group Dividend Analysis and Summary
Declared dividend and key dates
- Final dividend: 7.3p per share (unchanged vs FY2024)
- Total FY2025 dividend: 10.9p per share (unchanged vs FY2024)
- Ex-dividend date: 23/04/2026
- Record date: 24/04/2026
- Payment date: 05/06/2026
- DRIP available; election deadline: 14/05/2026
- Dividend policy: management targets cover of 1.5–2.5x and now plans to start increasing the dividend and cover as profits grow.
Coverage and affordability
- Adjusted EPS: 17.4p (+23% YoY) implies dividend cover of ~1.6x and a payout ratio of ~63% on adjusted earnings (statutory EPS 16.8p: cover ~1.5x).
- Cash generation remains robust: net cash from operations £193.9m; dividends paid £24.8m and buybacks £20.0m in 2025; year-end net cash (ex-IFRS 16) £91.7m, average cash £153.0m.
- Adjusted PBT up 14.4% to £49.9m; Board “comfortable” with FY2026 consensus PBT of £57.6m (range £52.0–£59.8m).
Growth trajectory and outlook for the dividend
- DPS held flat for a second year at 10.9p, but guidance explicitly signals an intention to resume dividend growth as profits expand, within the 1.5–2.5x cover range.
- Capital allocation in 2026 includes a step-up in capex to £40–45m and £18–20m of expensed tech investment, plus a new £10m buyback and £5–10m of purchases for employee schemes. Near-term cash demands may temper the pace of dividend growth, but coverage and cash generation look adequate.
- Operational momentum (record Retail share, improving D&I) and stronger profitability support the scope for modest DPS increases from FY2026 if trading tracks guidance.
Structural or policy factors affecting future dividends
- Shareholder returns: 2025 buyback of £20m completed; new £10m buyback announced for 2026. Share count reduction supports per-share metrics alongside dividends.
- Store rollout acceleration: ambition to reach 300 stores with higher multi-year capex; beneficial to long-term earnings but increases near-term investment needs.
- Working capital: 2025 working capital benefit expected to unwind by £5–10m in 2026, modestly reducing cash conversion in-year.
- Dividend policy: reiterated cover target of 1.5–2.5x with intention to lift both dividend and cover as profits grow.
Risks and flags relevant to dividend stability
- Macro/trading volatility: management cites an “uncertain consumer and geopolitical environment”; weather-sensitive categories already impacted in early 2026.
- Higher investment burden: step-up in capex and technology spend could crowd out rapid DPS growth if profits underperform.
- Leases/interest: substantial IFRS 16 lease liabilities with interest costs; FY2026 net interest guided at £25–27m, a headwind to earnings growth.
- Working capital unwind: expected £5–10m cash outflow reversal in 2026 reduces free cash in-year.
- Margin factors: FX derivative fair value losses (non-cash) and ongoing cost inflation require continued productivity and mix benefits to sustain margins.
Read more
Wickes Group Annual Dividend Yield - 5.53%
Dividends Used in Calculation:
| Ex-Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 24/04/2025 |
06/06/2025 |
Final |
7.30p |
GBX |
| 02/10/2025 |
07/11/2025 |
Interim |
3.60p |
GBX |
Total (Annual Dividends Per Share):
10.90p
Dividend Yield =
Annual Dividends Per Share (10.90p)
÷ Share Price (197p)
= 5.53%
Wickes Group Dividend History
| Ex Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 23/04/2026 |
05/06/2026 |
Final |
7.3000p |
GBX |
| 02/10/2025 |
07/11/2025 |
Interim |
3.60p |
GBX |
| 24/04/2025 |
06/06/2025 |
Final |
7.30p |
GBX |
| 03/10/2024 |
08/11/2024 |
Interim |
3.60p |
GBX |
| 25/04/2024 |
06/06/2024 |
Final |
7.30p |
GBX |
| 28/09/2023 |
03/11/2023 |
Interim |
3.60p |
GBX |
| 20/04/2023 |
07/06/2023 |
Final |
7.30p |
GBX |
| 29/09/2022 |
04/11/2022 |
Interim |
3.60p |
GBX |
| 21/04/2022 |
08/06/2022 |
Final |
8.80p |
GBX |
| 21/04/2022 |
08/06/2022 |
Q4 |
8.80 |
|
| 23/09/2021 |
01/11/2021 |
Interim |
2.10p |
GBX |
| Year |
Interim |
Final |
Currency |
Total |
Change |
| 2024 |
3.600 |
7.300 |
GBX |
10.900 |
0.000 |
| 2023 |
3.600 |
7.300 |
GBX |
10.900 |
-48.580 |
| 2022 |
3.600 |
8.800 |
|
21.200 |
909.520 |
| 2021 |
2.100 |
|
GBX |
2.100 |
|
Wickes Group Dividend Calculator
Wickes Group Dividend Growth
| Dividend Growth (1Y) |
–
|
| Dividend CAGR (5Y) |
–
|
| Years of Growth |
–
|
| Payout Ratio |
64.42%
|
| Buyback Yield |
3.97%
|
| Shareholder Yield |
9.27%
|
| P/E Ratio (TTM) | 12.07 |
|---|
| Forward P/E | 10.57 |
|---|
| P/FCF | 2.69 |
|---|
| Earnings Yield | 8.37% |
|---|
| FCF Yield | 37.18% |
|---|
| ROE | 27.26% |
|---|
| ROCE | 9.71% |
|---|
| Profit Margin | 2.35% |
|---|
| Operating Margin | 4.56% |
|---|
| Gross Margin | 37.03% |
|---|