Wren Kitchens has reported a decline in both turnover and profit in its latest full-year accounts, citing continued pressure from a weak housing market and macroeconomic uncertainty.
The national retailer’s turnover fell to £917.7 million in the year ending December 31 2024, down from £967.4m the previous year – a drop of 5.1%.
Pre-tax profit also fell from £74.8m to £69.4m, while EBITDA slipped slightly from £116.9m to £111.0m.
In the strategic report filed with Companies House, the directors said: “The kitchen market remained somewhat challenging in 2024 with an uncertain macroeconomic environment and a continued slowdown in the housing market.”
They added that “a number of consumers chose to delay their purchases of kitchens during the period”, affecting overall sales volumes.
Wren said it resumed its showroom expansion in the second half of the year, opening four new UK showrooms. However, the company noted that “these openings fell late in the year and so did not have time to contribute significantly to turnover during the year, with many kitchens being sold but not yet delivered.”
The company now operates 115 showrooms across the UK. The directors said they remain “confident in our ability to continue to expand our retail estate in 2025, provided commercial terms are sensible and appropriate.”
Net assets stood at £266.9m at the year-end, down from £274.9m in 2023. Cash reserves dropped from £19.1m to £10.1m, reflecting what the business described as “continued investment in showrooms and infrastructure.”
Total assets were reported at £501.3m, with total liabilities at £234.4m.
Wren’s US operation, which currently has seven showrooms open, was not broken out separately in the accounts. However, the directors reiterated their commitment to growth in both the UK and US markets.
The company said: “Our unique vertically integrated business model continues to provide a strong platform to support future growth in the UK and US markets.”
