Further expansion and increased profits at Howden Joinery Group
Howden Joinery Group has seen profits and revenues rise in the first half of 2018 and the firm’s new CEO says it is pressing ahead in the competitive market.
Group revenue for the period was £619.4m, up from £553m, and the the firm’s group depot revenue grew by 12.1% to £604.7m from £539.5m in the same period last year.
Pre-tax profits rose to £68.8m from £65.6m. A total of £38.3m was returned to shareholders by 16 June 2018 through its share buyback programmes.
During the period, the listed firm opened seven new UK depots, bringing the total to 668. It added 12 new kitchen ranges and prepared its new distribution centre at Raunds ready for trading.
Its capital expenditure during H1 was £17.1m (2017: £22m).
Chief executive, Andrew Livingston, said: “Since joining Howdens in January, I have been impressed with the outstanding and differentiated service we give to our builder customers. We delivered a solid performance in the first half, as we press ahead in a competitive market.
“Our leading service proposition is supported by the unique combination of locally empowered depots and strong supply operations. In the first half, our supply chain enabled us to bring twelve new kitchen ranges to the market, as well as a new grey oak cabinet, thin laminate worktops and a new range of doors. Our investment programme in manufacturing, distribution, depot rollout and IT remains on track.
“Howdens is in good shape with opportunities ahead of us, as we develop our product offering, bring even more convenience to the building trade and generate further operational efficiencies across the business.”
