Wickes - Red Herrings

This week's TV saw Wickes back with their red pencils out again, honestly, you expect this sort of filth on BBC3 don't you?

Anyroadup, (as my Mum never says), I was a bit shocked at the latest price cut Wickes are peddling, and being a boring sort of bloke - took to my calculator.

Assuming the new price - £2.15 includes 20% VAT, Wickes are selling their Sealant at net. £1.80, and again assuming they 'only' look for 20% for themselves, they will  make 30p profit at this new price (highly unlikely), making the cost to them - per tube, £1.50.

Ok, so this means the original £5.19 price tag included VAT of 86p, so net £4.33.  Cost is £1.50, so profit was £2.83 per tube.  Or 65% ?

Is it me?  Just what sort of margins are being sought up and down rip-off Britain?