Momentum maintained at kitchen manufacturer with growth plans on track
Specialist trade kitchen and joinery supplier, Howden Joinery Group, says it is encouraged by its start to the year in a trading update for the 16 weeks to 15 April 2023.
The group, which operates a factory in East Yorkshire and depots across the region, reports its UK depot revenue was 0.2% lower than the prior year and 1.6% lower on a same depot basis, reflecting very strong prior year revenue comparatives.
But after adjusting for an additional sales day in 2022, UK revenue was ahead by 1.4% and level on a same depot basis.
Andrew Livingston, chief executive, said: “The group has continued to perform well in the first four periods of 2023 against record prior year comparatives.
“We have good momentum in the business and our customers remain busy. We are on track with our plans for 2023 while mindful of the second half weighting of our sales, which includes our all-important peak trading period.
“Our kitchen and joinery markets are large and attractive, and we are continuing to invest in our future growth through our successful strategic initiatives.”
Howden says that during 2023, it plans to open around 30 new depots in the UK, around 10 in France and around five in the Republic of Ireland, and will be refurbishing around 80 older UK depots.
The group adds it is making good progress with new product introductions for 2023 and ongoing investment in its manufacturing and supply chain capabilities continues.
Year-to-date, the business has also completed £25m of its previously announced £50m share buy back programme.
