Focus eyes float as sales surge

FOCUS Wickes said its like-for-like sales soared more than 11% in the six months to 28 April. The chain added that it would raise at least £190m through a flotation by the end of the summer. Owner Duke Street Capital said there would also be a secondary offering.

Total sales were up 20% at £763.5m. Operating margins rose to 6.2% from 5.7% and operating profits were up to £47.2m from £36.4m. One-offs, goodwill write-offs and interest charges resulted in a £2.3m loss.