30 April
2024
Trading update
Howden Joinery Group plc, the UK's largest
specialist trade kitchen and joinery supplier, today announces a
trading update for the first four periods of 2024 (16 weeks to 14
April 2024).
Current trading
UK depot revenue in the period was +5.4% ahead
of the prior year and +4.0% ahead on a same depot
basis1.
As a result of the additional 53rd week in 2023,
there was an earlier start to FY2024 with depots trading in the
first week of the current year when they were closed in the prior
year. This 'phasing' impact corrects itself at the end of FY2024.
Adjusting for this, UK depot revenue was +1.9% ahead of the prior
year and +0.5% ahead on a same depot basis.
Revenue in the international depots2
(c.3% of Group revenue) in the period was +4.6% ahead of the prior
year and -0.1% lower on a same depot basis. Adjusting for the
phasing impact noted above, performance was +2.2% ahead and -2.5%
lower on a same depot basis.
At the start of the new financial year, we have
implemented modest price increases across all geographies, that are
being retained at acceptable levels as we continue to maintain the
right balance between margin and volume, in line with ongoing
market conditions.
Business developments
We are continuing to invest in our strategic
initiatives and in 2024 we plan to open around 30 new depots in the
UK, around 5-10 new international depots, and refurbish around 85
older UK depots. To date, 6 new UK depots have been opened, with
one new international depot in the Republic of Ireland. We have
refurbished 10 older depots in the UK in the period.
New product introductions for 2024 include 9 new
kitchen ranges. Our new fitted bedroom ranges have been on sale in
all our depots since the start of the year and our paint to order
and solid worksurface ranges are generating encouraging attachment
rates to kitchen sales. Digital investments continue to support our
customers and we are rolling out an enhanced 'click and collect'
service in the UK depot network.
Commenting on
Howdens' current trading Andrew Livingston, Chief Executive
said:
"We have made
an encouraging start to the year with trading in line with our
expectations. We are also continuing to make good progress in
implementing our strategic initiatives which drive profitable
growth. We are on track with the outlook for 2024, while mindful of
the second half weighting of sales from our Autumn peak trading
period."
Next scheduled announcement
The Group will release its half year results on
25 July 2024.
For further information please
contact
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|
Howden Joinery Group Plc
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Media Enquiries
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Paul Hayes, CFO
Tel: +44 (0) 207 535 1110
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Andrew Porter (Brunswick)
Tel: +44 (0) 207 404 5959
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Mark Fearon, Director of IR and
Communications
Mobile: +44 (0)7711 875070
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1 same depot basis
for any year excludes depots opened in that year and the prior
year.
2 International,
in local currency, includes five depots opened in the Republic of
Ireland during 2023.
Note to editors:
1. About Howden Joinery
Group Plc
Howdens is the UK's number one specialist
kitchen and joinery supplier. In the UK, the company sells kitchens
and joinery products to trade customers, primarily local builders,
through 840 depots. In 2023, the Group generated revenues of around
£2.3 billion and profit before tax of £327.6 million. Around 35% of
Howdens' cost of goods sold are products manufactured in-house at
its two principal factories in Runcorn, Cheshire, and Howden, East
Yorkshire both of which have achieved carbon neutral status. At the
end of 2023, Howdens operated from 65 depots in France and Belgium
and 10 depots in the Republic of Ireland.
2. Provisional
financial calendar
Reporting period
|
Scheduled date
|
Financial Disclosure
(Revenue)
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Annual General Meeting
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2 May 2024
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n/a
|
Half Year Results
|
25 July
2024
|
Trading Periods
1-6
|
Trading update
|
7 November
2024
|
Trading Periods
1-11
|
End of financial year
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28 December
2024
|
n/a
|
Full Year Results 2024
|
27 February
2025
|
Trading Periods
1-13
|
3. Cautionary statement
Certain statements in this announcement are
forward-looking. Although the Group believes that the expectations
reflected in these forward-looking statements are reasonable, we
can give no assurance that these expectations will prove to have
been correct. Because these statements contain risks and
uncertainties, actual results may differ materially from those
expressed or implied by these forward-looking statements. We
undertake no obligation to update any forward-looking statements
whether as a result of new information, future events or
otherwise.