Howden Joinery Group PLC on Tuesday said it is ‘on track’ after making a good start to the new financial year.
The London-based kitchen and joinery supplier said revenue was 1.2% ahead of the prior year in the 16 weeks ended April 19 and 0.2% higher on a same-depot basis.
In the UK, it was 0.9% ahead of the prior year but 0.3% lower on a same-depot basis. In International, it was 15% ahead and up 13% on a same-depot basis.
International comprises Howden Joinery’s depots in France, Belgium and the Republic of Ireland.
On an underlying basis, group revenue was 3.0% ahead of the prior year and up 1.8% on a same depot basis.
Underlying UK revenue was 2.6% ahead of the prior year and up 1.4% on a same depot basis, and International was 17.0% ahead and up 15% on a same depot basis.
For 2024, Howden Joinery reported revenue of £2.32 billion.
Chief Executive Andrew Livingston said: ‘We have made a positive start to the year with trading in line with our expectations. Our focus remains on implementing our strategic initiatives to support our trade customers, primarily self-employed builders.’
Shares in Howden Joinery were up 6.4% at 786.00 pence each in London on Tuesday morning. It is the best performing stock on the FTSE 100 which is little changed.
The company plans to open between 20 to 25 new depots in the UK this year and refurbish around 60 older UK depots.
‘Our approach continues to deliver sustainable market share gains, and we are on track with our outlook for 2025,’ said CEO Livingstone.
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