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Howden Joinery remains "on track" despite flat first quarter

27th Apr 2023 12:03

(Alliance News) - Howden Joinery Group PLC on Thursday said it is "on track" with its full-year outlook, despite first quarter UK sales being flat on a year-on-year basis.

The company said its UK year-to-date sales in 2023 were in line with the prior year, and were ahead on an underlying basis after taking into account an additional day of trading and the timing of a price increase last year. After adjusting for an additional sales day in 2022, UK revenue was ahead by 1.4% and level on a same depot basis.

It explained that the comparative period was "very strong", due to record levels of demand in a buoyant kitchen and joinery market.

Depot revenue in the international businesses rose by 17% in local currency and was 3.8% lower on a same depot basis, compared to the equivalent periods last year. After adjusting for an additional sales day in 2022, international revenue was ahead by 17% and was 3.3% lower on a same depot basis.

Looking ahead, Howden Joinery said 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. It added that it is making "good progress" with its new product introductions for 2023.

Further, the company expects UK sales to return to more normal phasing in 2023.

In the year-to-date, Howden Joinery has completed GBP25 million of its previously announced GBP50 million share buy back programme.

Chief Executive Andrew Livingston said: "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."

Shares in Howden Joinery were down 0.2% to 667.60 pence each in London on Thursday around midday.

By Sophie Rose, Alliance News reporter

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