Wickes Shares Jump Most on Record as Clients Smarten Up Homes
(Bloomberg) -- Wickes Group Plc rose as much as 11%, the most on record in London trading, after the U.K. retailer boosted its profit forecast, buoyed by customers seeking help with home improvement projects.
Sales in its “Do It For Me” category, which provides assistance with projects, are strengthening and the company now sees adjusted pretax profit of at least 83 million pounds ($110 million) for the year. That's up from a previous estimate of as much as 75 million pounds, according to a statement Friday.
“Margin performance is ahead, due mainly to better price performance,” Peel Hunt analyst Sam Cullen wrote in a note, reiterating his buy recommendation on the stock. “The shares simply look too cheap.”
The shares jumped were up 10% at 9:36 a.m., leaving the company about 5% below its 250 pence opening price in April, when it was spun off from Travis Perkins Plc.
©2021 Bloomberg L.P.
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