Profit at Howdens rose by just £400,000 as it grappled with “challenging” conditions in the UK’s kitchen and joinery markets.
Pre-tax profit came in at £112.3m, in line with management expectations and following some £16m in investment during the period. Operating profit rose just £200,000 to £117.2m.
Revenue rose 4.3 per cent to £966.3m.
Chief executive Andrew Livingston said: “Howdens performance in the first half was encouraging and we gained market share in a challenging marketplace. We continued to invest in our strategic initiatives which is strengthening our differentiated business model and delivering positive results.
Livingston said the firm was “focused on the significant growth opportunities” presented by the UK’s kitchen and joinery markets.
“To access these, we are progressing our new depot and reformat programme and making range and product innovations. We are also manufacturing more of what we sell and, alongside the provision of unequalled stock availability, we are adding further digital capabilities to support our trade customers and depot teams.”
Established in 1995, Howdens provides its range of trade customers with kitchen, joinery and hardware products from stock depots across the UK, France and Belgium.
More than 800 locations are currently active but Howdens today outlined hearty expansion plans. The London-listed firm intends to open around 30 new UK locations and five new international depots this year, having already opened 10 in the UK and one in the Republic of Ireland.
The company said its customers remained “busy” despite the “continued challenging market environment.”
“We are maintaining our focus on competitive pricing to suppor them, while balancing ongoing inflationary pressures to optimise volumes.”
Investors were unimpressed by the kitchen provider’s results, with shares dipping over three per cent in early trading.