Howden Joinery on track to meet FY profit expectations as sales rise

(Sharecast News) - Trade kitchen supplier Howden Joinery said on Thursday that it was on track to meet full-year profit expectations as it reported a rise in first-half sales despite a challenging market. The company said in an update that reported group sales were up 2.8% on the same period a year earlier, and 1.4% higher on a same depot basis, with gains in both price and volume.

Trade customers benefited from its "market-leading product line up, high stock availability and outstanding customer service", it said.

Sales in the UK rose 2.4% and 1.1% on a same depot basis. Howdens said record sales were achieved during its peak trading period which ended on 1 November.

International operations saw sales grow 14.7% on the prior year and 9.3% on a same depot basis. The company said this "recognises the successful performance of our in-stock, trade model in both these countries".

Chief executive Andrew Livingston said: "Our continued strong trading momentum, including a record peak trading period, reflects the strength of our business model and the excellent execution of our strategic initiatives by our highly engaged and well incentivised teams.

"Growth in kitchens was achieved across all price levels with our 'Good' and 'Better' ranges benefiting from product innovation. Our 'Best' kitchens made significant progress with new product range launches, supported by our solid worksurface and paint-to-order offerings, proving very popular.

"Despite a challenging market, we continue to grow by supporting our customers with unmatched stock availability, our best-ever product line up, and outstanding service.

"We remain on track with the outlook for 2025 and expect to deliver group profit before tax in line with current market expectations."

Market expectations are for pre-tax profit of £331m.