Joinery group making progress in uncertain market
KITCHEN and buildings supply firm Howdens Joinery, which has a site in Runcorn, Cheshire, has continued to grow “all aspects” of the business,” but chief executive Matthew Ingle said the company is still “watchful” of the uncertain market.
Sales have grown to £1.2bn, up from £1.09bn in 2014, the year when it broke through the £1bn barrier for the first time in its history.
Pre-tax profits grew from £188.8m in 2014 to £219.6m in the year to 26 December 2015.
The group was founded in Yorkshire in 1995 by current chief executive Matthew Ingle, and still manufactures kitchens in Howden.
Around one-third of the products its sells are manufactured at its factories in East Yorkshire and Runcorn.
Chief executive Matthew Ingle said that due to Howdens’ performance, there would be an increase in dividends with an additional £55m cash return to shareholders in a share repurchase scheme.
Mr Ingle, said: “We have continued to invest in all aspects of the business, improving our operations, pursuing the growth opportunities before us and taking advantage of better market conditions. In the UK, we opened 30 new depots and we pushed forward with an expanded trial in continental Europe, opening five additional depots in northern France and our first outlet in Holland.
“However, we remain watchful, given the increased uncertainty surrounding the economic outlook and will react accordingly, should things change.”