3rd Nov 2022 11:19
(Alliance News) - Howden Joinery Group PLC on Thursday said it was confident in its "resilient" business model and strategy, after fighting economic headwinds to deliver strong trading results.
For the four months ended October 29, the London-based furniture company reported total UK revenue growth of 6.6% from a year prior. Total international revenue growth for the same period was 25%.
For the year-to-date, total UK revenue growth was 10%, and like-for-like growth 8.4%. International revenue growth for the same period was 21%, and like-for-like growth 19%.
Howden now expects pretax profit for the 2022 financial year to be marginally ahead of the GBP386.9 million average from analyst consensus forecasts.
The company also said it had made progress on strategic initiatives, noting the opening of 17 new UK depots and 13 new French depots. It also refurbished 64 older UK depots.
New product introductions included 23 new kitchen ranges, which were on sale ahead of the company's peak trading period.
Looking ahead, Howden said it would continue to invest in expanding its manufacturing and supply chain capabilities, including the roll-out of regional cross-docking facilities.
Digital investments also remain a focus, in order to support trade customers and improve productivity.
"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," said Chief Executive Andrew Livingston.
"Trade customers have remained busy into the Autumn with a good pipeline of work, as consumers continue to invest in and improve their homes."
In September, the company signed a new GBP150 million, 5-year, multi-currency revolving credit facility replacing the previous asset backed lending facility. The new facility remains undrawn.
Howden shares were trading 3.6% higher at 537.00 pence each in London on Thursday morning.
By Holly Beveridge; [email protected]
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