13th Jan 2021 08:31
(Alliance News) - Howden Joinery Group PLC on Wednesday said trading since early December has been better-than-expected, but the company still expects to post a 2020 profit decline.
In a short update, the kitchens and joinery products company said its performance since December 9 "has been stronger than anticipated with good profit and cash performance".
Howden expects to report pretax profit GBP185 million for 2020, down 29% from GBP260.7 million in 2019.
In December, the company said it expects its annual pretax profit to be around 10% above the top end of current analyst forecasts. At the time, Howden said the pretax profit expectations range was believed to be GBP123 million to GBP152 million.
The GBP185 million figure is 22% above GBP152 million, the top of the market guidance range the company had outlined back in December.
Howden will report on its 2020 results on February 25.
Shares in the company were 3.5% higher at 718.60 pence each in London on Wednesday morning, among the better mid-cap performers.
By Eric Cunha; [email protected]
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