Kitchen maker serves up peak period record
Howden Joinery Group achieved record performance in its peak trading period, chief executive Andrew Livingston said.
In a trading update to the London Stock Exchange, the kitchen manufacturer recorded a 7% rise in UK revenues, and a 25% rise in international revenues in the five months to the end of October compared to the same period last year. Year to date revenues are up 10% domestically and 21% internationally.
The firm, which has a factory in East Yorkshire and depots throughout the region, opened 17 new UK depots and 13 new French depots and refurbished 64 older UK depots by the end of October as part of its strategic plans. New product introductions for 2022 included 23 new kitchen ranges which were on sale ahead of the peak trading period.
Andrew Livingstone, CEO, Howdens
Livingston said, “Howdens achieved a record performance in our important peak trading period. We continued to gain market share supporting our customers with a strong product line-up, high stock availability and outstanding service. Trade customers have remained busy into the Autumn with a good pipeline of work, as consumers continue to invest in and improve their homes. Our kitchen and joinery markets are large and attractive, and we are prioritising investment for future growth through our successful strategic initiatives.”
Howdens said it would continue to invest in expanding its manufacturing and supply chain capabilities, including rolling out regional cross-docking facilities. It would continue to support our trade customers and improve productivity with digital investments.
In September, the company signed a new £150 million, five-year, multi-currency revolving credit facility replacing the previous asset backed lending facility. The new facility remains undrawn.
