Despite flat revenue of £1.55bn in 2023 and a modest rise in profit before tax, Wickes is looking on the sunny side with the announcement of a major acquisition in the burgeoning solar sector.

With profits before tax rising to £41.1m against 2022's innings of £40.3m, the home improvement brand has taken a majority stake in Solar Fast, marking a key move for the group into the solar installation market.

Welcoming the move, David Wood, CEO, said: "This acquisition enables us to accelerate our Design & Installation growth lever, capitalising on our expertise in installing major home improvement projects."

Figures from the DIY giant, which has branches in Cheltenham, Gloucester and Cirencester, show sales were "broadly flat" across 2023 with a 0.3% decline to £1,553.8m, while adjusted profit for the year was down at £52m.

Christopher Rogers, chair of the board, said the reduction in profit "reflected a more difficult UK home improvement market as the cost of living crisis dampened demand, coupled with the steep rise in energy and other costs."

But despite the worsening economic backdrop, he said the group had continued to invest in growth levers to position Wickes as a leader in the market.

He added: "The cost of living crisis continues to cast a shadow over people's lives and is causing people to think more carefully about how they spend their money. Yet the desire and need to improve and repair our homes remains constant and at Wickes we are well placed to help the nation with their home mprovement projects, whether they are using a local tradesperson, our kitchen and bathroom Design & Installation service or doing it themselves."

Mr Wood added: "The UK home improvement sector represents a large and attractive market of circa £27bn and we have a relatively small market share of circa 6%, presenting us with a significant opportunity for long-term growth. The market has grown at circa 2.5% on average over the past ten years, driven by the high average age of the UK's housing stock, the rising number of UK households and increasing home ownership."

People were also spending more time in their homes as a result of the rise of hybrid working, while there is an increasing trend of consumers investing in their homes for improved energy efficiency, he said.

● The report also noted that since its launch in 2019, Wickes' 17 apprenticeship programmes have seen 913 people either complete or currently engaged in an first-career-opportunity role.

Punchline-Gloucester.com editor Mark Owen said: "It's great to see these results for a brand that has earned the affection of a big audience, not least due on its attentive customer service and quality ethic. Wickes' move into solar adds some mainstream muscle to an industry we all want to see flourish."