Trading Update

RNS Number : 8039M

Howden Joinery Group PLC

02 May 2018

 

2 May 2018                                                                                                                        

Howden Joinery Group Plc

TRADING UPDATE

Howden Joinery Group Plc today announces a trading update for the first four periods of 2018 (16 weeks to 21 April 2018).

Trading

Howden Joinery UK increased revenue by 14.8% overall and by 13.3% on a same depot basis compared to the equivalent periods last year. Our sales growth has been driven primarily by an increase in volumes, an extra week of trading in 2018 compared to 2017 and benefitted from a weak comparative.

The 53^rd week in the 2017 financial year impacted the year-on-year pattern of trading and there was an extra week of trading in the first period of 2018. Excluding the first two weeks of Period 1, Howden Joinery UK revenue in 2018 increased by 10.0% overall and by 8.6% on a same depot basis.

Looking forward, we are on track with our plans for the year as a whole and note the tougher comparatives from the prior year as the year progresses. We remain watchful of market conditions.

While we did not increase prices at the start of the year, we did implement an increase at the start of April.

Business developments

Howden Joinery trades from 664 depots in the UK, with 3 new depots opened so far this year. We plan to open up to around 30 new depots in the UK during 2018. We are on track to refresh our product offering and expect to bring 19 new ranges to market during 2018.

The Group has acquired 4.8m shares in the year to date for a consideration of £22.8m.

Next scheduled announcement

The Group will release its 2018 Half Year Report on 26 July 2018.

 Enquiries

Investors/analysts:

Paul Sharma

Head of Investor Relations + 44 (0) 20 7535 1164/[phone]

Media:

Citigate Dewe Rogerson

Simon Rigby + 44 (0) 20 7282 2847/Kevin Smith [phone]

 

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