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Howden Joinery reports revenue decline, confident in meeting forecasts

7th Nov 2024 11:08

(Alliance News) - Howden Joinery Group PLC said on Thursday it expects full-year pretax profit to be in line with market forecasts despite a slight drop in revenue.

Since its half year results, the London-based kitchen and joinery supplier said total revenue was down 0.1% from a year ago. Like-for-like revenue was down a further 1.9%.

From this, total revenue in the United Kingdom went down 0.6% from a year ago, while International revenue increased 18%.

Howden Joinery said it had gained market share since its half year results against a backdrop of challenging macroeconomic conditions, exacerbated by uncertainty surrounding the autumn budget in the UK.

Current market consensus forecasts for the company's full-year profit before tax average GBP341 million, with a range of GBP328 million to GBP350 million. Howden Joinery expects to meet this forecast, with the most likely outcome being towards the lower end of the range.

In 2023, Howden Joinery's profit before tax of GBP327.6 million.

Chief Executive Officer Andrew Livingston said: "Howden Joinery has delivered another strong period of market outperformance in continued challenging conditions, underlining the strength of our trade-only, in-stock business model."

Howden Joinery shares fell 2.9% to 822.50 pence on Thursday morning in London

By Eva Castanedo, Alliance News reporter

Comments and questions to [email protected]

Copyright 2024 Alliance News Ltd. All Rights reserved.

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