Optimistic outlook for kitchen manufacturer as it grows market share
Specialist trade kitchen and joinery supplier, Howden Joinery Group, has reported revenues of £2.3bn, in line with 2022’s record performance, as it publishes its 2023 full year results.
The group, which operates a factory in East Yorkshire and depots across the region, also recorded pre-tax profits of £327.6m (2022: £405.8m).
Andrew Livingston, chief executive said: “The combination of a strong product line-up, high stock availability and outstanding customer service, alongside investments to drive future growth, all contributed to further market share gains in 2023.
“Our established markets for kitchens and joinery in the UK are now estimated to be around £12bn and we continue to seek further opportunities in adjacent markets.
“Our robust balance sheet underpins our strategy as we invest in growth, including expanding our manufacturing and supply chain capabilities, and returning surplus capital to shareholders.
“While we are cautious about the macro-economic and geo-political environment, given the encouraging start to the year and the agility of our business model, the Board is confident in the outlook for 2024.”
Howden notes its international revenue was 11% ahead of the previous year, with continued expansion in France and the Republic of Ireland.
Its strategic initiatives during the year included 43 new depots across the group, 89 depot reformats in the UK, 23 new product ranges, a further development of its digital technology and upgrades to manufacturing and supply chain.
The group invested in upgrading its manufacturing operations. Howden now manufactures 35% of its cost of goods sold (COGS) in-house, compared to 28% in 2021.
