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Kitchens and joinery products maker Howden Joinery said it remained cautious on its outlook after swinging to a first-half loss as revenue was 'significantly impacted' by the Covid-19 pandemic.
In the first half of year, the company reported a pre-tax loss of £14.2m compared with a profit of £78.1m on-year as revenue fell 28.7% to £465.0m.
'The shortfall in sales all occurred in the second quarter, which coincided with the start of lockdown in the UK, and led to us making an overall loss of £14m in the first half' the company said.
Gross profit margin fell to 59.4% from 61.9%, reflected 'mix changes and the impact of carrying fixed costs during reduced levels of production,' it added.
Looking ahead, the company said that given the Covid related and other economic uncertainties, it remained 'cautious' about underlying market conditions.