Home Estate Planning Kitchen seller Howdens reports ‘encouraging’ trends amid year of expansion

Kitchen seller Howdens reports ‘encouraging’ trends amid year of expansion

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Kitchen maker and seller Howden Joinery has today posted “encouraging” revenue trends as the firm’s full-year results remain “in line” with what it considered a record-performing year in 2022.

The London-headquartered firm said its group revenue of £2.3bn is “in line with last year’s record performance,” despite seeing a slight drop of 0.3 per cent.

“The combination of a strong product line-up, high stock availability and outstanding customer service, alongside investments to drive future growth, all contributed to further market share gains in 2023,” chief executive Andrew Livingston said.

The firm’s UK revenue was down 0.7 per cent, closing the year at £2.2bn. However, international revenue jumped by 11 per cent, up from £62.9m to £69.8m.

The company’s operating profit came in at £340m, down 18.1 per cent year-on-year. Basic earnings per share were 46.5p, down 29.3 per cent. Howdens proposed a final dividend for the year of 16.2p, bringing the full-year payout to 21p, up 1.9 per cent.

“Our established markets for kitchens and joinery in the UK are now estimated to be around £12bn and we continue to seek further opportunities in adjacent markets,” Livingston added.

“The focus remains on executing our strategic initiatives at pace to capitalise on this attractive, long-term growth opportunity, while selectively expanding Howdens’ differentiated, trade-only business model internationally,” he continued.

The results come as the firm continues to weigh in on both UK and international expansion, having opened up 33 new UK depots and 10 internationally in 2023.

Livingston said the “agility” of Howdens’ business mode the team with confidence in the year ahead.

“Our robust balance sheet underpins our strategy as we invest in growth, including expanding our manufacturing and supply chain capabilities, and returning surplus capital to shareholders,” Livingston said.

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