Wesfarmers has Macquarie Capital and Gresham Partners in its corner as it evaluates a potential float or sale of office supplier Officeworks.

Officeworks posted $62 million in earnings before interest and tax in the six-months ended December 31, which was marginally higher than the $59 million recorded at the same time last year.

Revenue was also up 5.9 per cent to $927 million.

Initial public offerings worth $2.4 billion, including Wesfarmers' spin-off of Officeworks, are at risk following a derating of discretionary retailers. Joshua Dowling

Wesfarmers told investors it had commenced a strategic review of Officeworks, with Macquarie Capital and Gresham on board to help run the numbers. It pointed out that Officeworks' return on capital had increased to 13.9 per cent at the most recent result, from 5.7 per cent in the 2009 financial year.

Analysts reckon the unit could be worth up to 8-times earnings, or about $1.2 billion as a separately listed company.

Wesfarmers' decision to turn to Macquarie and Gresham will not shock investment bankers.

Gresham is part owned by Wesfarmers and has long tended to the group, while Macquarie also has a long relationship with Wesfarmers. The pair most recently advised Wesfarmers on the sale of its insurance broking and premium funding arm in 2014.