7th Nov 2019 10:31
(Alliance News) - Kitchen products supplier Howden Joinery Group PLC on Thursday halied its "robust" trading performance in the period from mid-June to the start of November and said it is on track to meet full-year profit expectations.
In the 16-week period ended November 2, the FTSE 250 firm said Howdens UK depots revenue rose by 4.9% year-on-year, or 2.0% on a like-for-like basis.
Gross margin during the period was in line with management forecasts, Howden added, and it expects its full-year result to meet profit and sales expectations.
The company expects to open a total of 40 UK depots in 2019, including five in Northern Ireland.
Howden has also acquired 10.8 million of its shares in 2019, at a cost of GBP55.2 million, completing a GBP60 million share buyback programme it began in February 2018. It is also half way through a buyback programme it unveiled in February 2019.
At the time, Howden said it will repurchase GBP50 million of shares within the next two years, returning cash to shareholders.
Shares in the company were trading 0.1% higher at 586.60 pence each in London on Thursday morning.
By Eric Cunha; [email protected]
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