REG - Howden Joinery Grp - 2022 Full Year Results
23/02/2023 07:00
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RNS Number : 7706Q Howden Joinery Group PLC 23 February 2023
Strong growth, further market share gains,
and sector leading margins
Results summary
£ millions (unless stated) 2021(1) Change Change
2022(1) vs 2021 vs 2019(3)
(unaudited)
Group revenue 2,319.0 2,093.7 +10.8% +46.4%
UK depot revenue 2,256.1 2,043.3 +10.4% +45.5%
Gross profit 1,411.2 1,289.0 +9.5% +43.1%
Gross profit margin, % 60.9% 61.6% -70bps -140bps
Operating profit 415.2 401.7 +3.4% +59.7%
Operating profit margin, % 17.9% 19.2% -130bps +150bps
Profit before tax 405.8 390.3 +4.0% +55.7%
Basic earnings per share, p 65.8p 53.2p +23.7% +88.0%
Total ordinary dividend per share, p 20.6p 19.5p +5.6%
Cash at end of period 308.0 515.3
(1) The information presented relates to the 52 weeks to 24 December 2022, the
52 weeks to 25 December 2021 and the 52 weeks to 28 December 2019, unless
otherwise stated. The 2022 and 2021 results are presented under IFRS 16, 2019
results have not been restated.
(2) Same depot basis for any year excludes depots opened in that year and the
prior year. See Financial Review on page 4.
(3) 2019 results included due to the significant impact of COVID-19 on the
2020 results.
Highlights(1)
- Group revenue of £2,319.0m was 10.8% ahead of last year and 46.4%
up on 2019 reflecting the strengths of our local, trade only, in-stock
business model.
- UK depot revenue was 10.4% ahead of last year and 7.7% ahead on a
same depot basis(2).
- Maintained our sector leading gross margins at 60.9%, with
disciplined pricing recovering cost increases.
- Profit before tax of £405.8m, was 4.0% ahead of 2021 and 55.7%
ahead of 2019.
- Good cash generation and the balance sheet remains strong with
cash at end of period of £308.0m.
- Proposed final dividend of 15.9p, bringing the total for the year
to 20.6p, 5.6% ahead of last year.
- £50m share buyback announced today.
- Earnings per share of 65.8p was 23.7% ahead of 2021 benefiting
from the previously announced patent box claim, which has been included with
the 2022 results.
- Further progress on ESG. Howdens is introducing scienced-based
targets in 2023 to reduce our emissions and to achieve net-zero carbon by
2050.
Andrew Livingston, Chief Executive said:
"Howdens delivered a strong performance in 2022, with good progress on
executing our strategic priorities and further market share gains. During the
year our teams have been adept at navigating the challenges of high inflation
and supply chain disruption, while supporting our customers with a market
leading product range, high stock availability and outstanding customer
service.
"Our markets are large and fragmented which gives us a long-term opportunity
for growth. In response, we are continuing to expand our depot network,
improve our product range, optimise our manufacturing and supply chain, and
develop our digital capabilities. We see potential for around 1,000 depots in
the UK and we are now selectively expanding our business model internationally
in France and the Republic of Ireland.
"Our robust financial position underpins our strategy, funding investment in
our growth initiatives, expanding our manufacturing and supply chain
capabilities, and supporting ongoing cash returns for shareholders."
Operational developments in the year
- Achieved another record sales performance in our peak trading
period in the autumn.
- Opened 30 new depots in the UK, bringing the total to 808 at
period end. Revamped 82 older UK depots during the year with around 50% of UK
depots now trading in the updated format.
- Opened 25 new depots in France (and closed 5) bringing the total
to 60 at the period end. Established 5 new depots in the Republic of Ireland.
- Further progress on new product introductions including 21 new
kitchen ranges. Sales of new products introduced in 2021 and 2022 represented
22% of UK product sales in 2022.
- Invested in upgrading our manufacturing capacity and capabilities
to support future growth. This included solid work surfaces, architrave and
skirting products.
- Largely completed the roll-out of the regional cross-docking
network (XDC) serving most of our UK mainland depots, improving product
availability.
- Invested in our digital platform which saves our trade customers
time and money and supports them in optimising the procurement process for end
users.
- Achieved 99.7% of depot waste avoiding landfill at our UK depots
and switched substantially all them to renewable energy sources. Our top 27
suppliers comprise around 80% of all of our carbon emissions and we are
engaging directly with them to reduce our Scope 3 emissions.
Current trading and outlook for 2023
The following table shows sales in the first two periods of the new financial
year to 18 February 2023 in absolute terms, on a same depot (LFL) basis(1).
Revenue growth (%) Periods 1-2
% LFL%
UK depots 6.1% 4.7%
International depots(1) 19.4% 7.8%
(1) 5 depots were opened in the Republic of Ireland and 5 French depots were
closed in 2022.
We are on track with our plans for 2023 to capitalise on the significant
ongoing opportunity to gain further market share. During 2023 we will face
strong prior year comparatives and, particularly in the first half, the full
year impact of inflationary cost increases and our ongoing investments in our
strategic initiatives. This includes 61 new UK depots opened in the past two
years, expanding our manufacturing and supply chain capabilities including
XDC, ongoing digital development to support our customers and new depot
openings in France and the Republic of Ireland. In 2023, capital expenditure
will be around £130m, at similar levels to last year.
While it is still early in the new financial year, sales in the first few
weeks have been encouraging in the UK. We continue to seek to maintain a
profitable balance between pricing and volume and have implemented a price
increase from the start of the year to recover rising input costs. We have a
strong product line up and will place considerable emphasis on new product
introductions with around 23 new kitchen ranges planned. We are increasing the
number of ranges we offer at entry-level and mid-priced kitchen ranges and
have refreshed our line-up of higher priced kitchens, a segment of the market
where we are under-represented.
While mindful of ongoing macro economic uncertainty, we are investing in the
business for the long term and the fundamentals of our business model remain
robust and attractive. Howdens is in good shape and we are well prepared to
address the opportunities and challenges ahead in 2023.(3)
( )
(3) As previously indicated FY 2023 has an additional 53(rd) week in December
representing around £17m of additional operating costs with no
incremental sales.
For further information please contact
Howden Joinery Group Plc Media Enquiries
Paul Hayes, CFO Nina Coad, David Litterick (Brunswick)
Tel: +44 (0) 207 535 1110 Tel: +44 (0) 207 404 5959
Mark Fearon, Director of IR and Communications
Mobile: +44 (0)7711 875070
Results presentation:
There will be an in person analyst and investor presentation at 0830 today at
Freshfields, 100 Bishopsgate London EC2P 2SR, with light refreshments served
from 0800. A live video webcast will be available on
https://brrmedia.news/Howden_fy22results
(https://brrmedia.news/Howden_fy22results) . For more information see:
www.howdenjoinerygroupplc.com (http://www.howdenjoinerygroupplc.com) . The
presentation can also be heard by dialling the phone numbers below:
Location Phone Number
United Kingdom, Local
+44 (0) 33 0551 0200
United States, Local
+1 786 697 3501
Confirmation code: Quote 'Howdens Full Year Results'
The webcast will be recorded and available on our website after the event has
finished at:
www.howdenjoinerygroupplc.com (http://www.howdenjoinerygroupplc.com)
Note to editors:
1. About Howden Joinery Group Plc
Howdens is the UK's number one specialist kitchen and joinery supplier. In the
UK, the company sells kitchens and joinery products to trade customers,
primarily local builders, through 808 depots. In 2022, the business generated
revenues of around £2.3 billion and profit before tax of £405.8 million.
Around one-third of Howdens' cost of goods sold are products manufactured in
house at its two principal factories in Runcorn, Cheshire, and Howden, East
Yorkshire both of which have achieved carbon neutral status. At the end of
2022 Howdens operated from 60 depots in France and Belgium and 5 depots in the
Republic of Ireland.
2. Timetable for the final dividend
The timetable for payment of the proposed final dividend of 15.9 pence per
ordinary share is as follows:
Ex-dividend date: 6 April 2023
Record date: 11 April 2023
Payment date: 19 May 2023
3. Provisional financial calendar for 2023
Trading update 27 April
Annual General Meeting 4 May
Half Year Report 20 July
Trading update 2 November
End of financial year 30 December
Financial review
Financial results for 2022(1)
Revenue £m (unless stated) 2022 # of depots at period end 2021
(unaudited)
Howden Joinery UK depots - same depot basis(2) 2,193.3 747 2,035.8
UK depots opened in previous two years 62.8(3) 61 7.5
Howden Joinery UK depots 2,256.1 808 2,043.3
Howden Joinery International depots 62.9 65 50.4
Group 2,319.0 873 2,093.7
2021
Local currency revenue €m (unless stated) 2022 # of depots at period end
(unaudited)
France and Belgium - same depot basis(2) 59.5 30 51.8
- Depots opened in previous two years 12.3 35 0.4
- Revenue from closed depots 0.7 (5) 6.2
Republic of Ireland (from April 2022) 1.3 5 -
International depots 73.8 65 58.4
(1) The information presented relates to the 52 weeks to 24 December 2022 and
the 52 weeks to 25 December 2021 unless otherwise stated.
(2) Same depot basis for any year excludes depots opened in that year and the
prior year.
(3) 2022 includes additional 3(rd) party sales generated by the Sheridans
solid work surface business acquired in the period.
Group revenue of £2,319.0m was ahead by 10.8% (2021: £2,093.7m) and 46.4%
higher than the same period in 2019, with the growth rate in the second half
increasing versus 2019 at a higher rate than the first half. UK depot revenue
grew 10.4% to £2,256.1m (2021: £2,043.3m) and increased by 7.7% on a same
depot basis(2) to £2,193.3m (2021: £2,035.8m); this excludes the additional
revenue from depots opened in 2022 and 2021 of £62.8m (2021: £7.5m). Revenue
in the international depots was £62.9m (2021: £50.4m). On a local currency
basis, revenue at our depots in France and Belgium increased by 14.8% on a
same depot basis(2) (excluding the 35 depots opened in the last two years). In
April, we entered the Republic of Ireland market for the first time. In all,
we opened 5 new depots in the Dublin area by the end of 2022 with good
engagement from local builders.
Gross profit
We continued to maintain sector leading margins by appropriately balancing
pricing and volumes in a higher inflationary environment. Gross profit was
£122.2m higher at £1,411.2m (2021: £1,289.0m). The lower gross margin
percentage of 60.9% (2021: 61.6%) was predominantly due to the dilutive impact
of the successful growth of solid work surfaces, following the acquisition of
Sheridan last year. These products, which are often associated with sales of
higher priced kitchens, make an attractive cash margin contribution but have a
lower gross margin percentage than most Howdens kitchen products.
Operating profit and profit before tax
Operating profit was ahead of last year at £415.2m (2021: £401.7m) and 59.7%
ahead of pre-COVID levels in 2019 of £260.0m.
Operating expenses increased by 12.3% to £996.0m (2021: £887.3m; 2019:
£726.2m). As expected, costs increased due to continued investment in our
growth initiatives across the business and input cost and energy price
inflation. Compared to 2021 this included £42m on existing depots, £17m on
new UK depots opened in 2021 and 2022 and £8m on international depots opened
in the period and prior year. We also invested £31m in warehouse and
transportation initiatives including in regional cross docking facilities
(XDCs).
The net interest charge was £9.4m (2021: £11.4m) and, as a result, profit
before tax of £405.8m was 4.0% ahead of the prior year (2021: £390.3m) and
55.7% ahead of 2019 (2019: £260.7m).
Tax, profit after tax and basic earnings per share
In recent years the UK Government has introduced the Patent Box Tax Relief
Scheme which allows companies to benefit from investments made in intellectual
property including new product innovations. In 2017, Howdens applied for and
was granted a patent for the design of a new multi-part, adjustable cabinet
leg that is used in many of our cabinet ranges which makes them faster and
easier to adjust and fit. Discussions were opened with HMRC late in 2020, and
in 2022 after seeking non-statutory clearance on some technical matters, HMRC
agreed in principle to Howdens submitting a claim for the product.
The Group has prepared the financial statements for the year ended 24 December
2022 to include the impact of the claim. A prior year current tax credit of
£36.1m has also been recognised for the prior financial periods 2017 to 2021.
The success of the claim is subject to review and confirmation by HMRC. If
successful, the Company expects, assuming prevailing marginal tax rates, a
benefit to the underlying effective tax rate of around 3% in subsequent years.
The cash benefit will be realised following approval by HMRC.
As a result, the tax charge on profit before tax was £31.6m (2021: £75.8m)
and represented an effective tax rate of 7.8% (2021: 19.4%). Excluding the
patent box claim the underlying effective tax rate was 16.7% (2021: 19.4%).
Consequently, profit after tax was £374.2m (2021: £314.5m) and, reflecting
the above and the reduced share count, following the share buyback, basic
earnings per share were ahead by 23.7% at 65.8p (2021: 53.2p).
Cash
The net cash inflow from operating activities was £546.5m (2021: £530.7m).
Net working capital increased by £51.7m with stock £70m higher as a result
of cost increases and additional safety stock to support our customers.
Debtors at the end of the period were £24m higher than at the end of the
previous period with ageing in good shape. Creditors were £42m higher.
Capital expenditure was £130.4m excluding the Sheridans land acquired (2021:
£85.9m) and the total cash outflow for the Sheridans acquisition was £25m
which included £10m to acquire the site. Corporation tax payments were
£101.5m (2021: £73.1m), and dividends amounted to £115.0m (2021: £133.6m).
Share buy backs totalled £250.5m (2021: £50.0m) and the difference between
the cash paid and the operating charge for the Group's pension schemes was an
inflow of £2.0m (2021: outflow of £18.5m). The interest and principal paid
on lease liabilities totalled £79.2m (2021: £85.8m).
Reflecting the above, there was a net cash outflow of £207.3m (2021: cash
inflow of £84.6m), leaving the Group with cash at the year end of £308.0m
(25 December 2021: £515.3m).
In September, the Company signed a new £150 million, five-year,
multi-currency revolving credit facility replacing the previous asset backed
lending facility. The new facility remains undrawn.
Capital allocation and returns to shareholders
We have a well-established policy for capital allocation. We focus on
achieving sustainable profit growth by investing in and developing our
business. We also want to maintain and grow our ordinary dividend in line with
earnings to reward shareholders with an attractive ongoing income stream.
After allowing for these uses of cash, Howdens remains committed to returning
any surplus capital to shareholders.
Within its definition of surplus capital, the Board's objective is for the
Group to be able to operate through the annual working capital cycle without
incurring bank debt, noting that there is seasonality in working capital
balances through the year, particularly in advance of our peak trading period
in the second half. We also take into account that the Group has a significant
property lease exposure for the depot network, and a large defined benefit
pension scheme. Our policy remains that when year end cash is in excess of
£250m we expect to return surplus cash to shareholders. This provides
sufficient headroom to support organic growth, our seasonal working capital
requirements and ongoing investments in our strategic initiatives, while
maintaining a strong balance sheet.
On this basis, the Board has decided that the Group will undertake a further
£50m share buyback programme. A £250m share buyback programme was announced
and completed last year.
Taking into account the Group's prospects and strong financial position, in
July 2022 the Board declared an interim dividend of 4.7p per ordinary share
(2021: 4.3p per ordinary share). The Board is recommending a final dividend
for 2022 of 15.9p per ordinary share (2021: 15.2p per ordinary share),
resulting in a total dividend of 20.6p per ordinary share (2021: 19.5p per
ordinary share). The total dividend represents a year-over-year increase of
5.6% and the final dividend will be paid on 19 May 2023 to shareholders on the
register on 11 April 2023.
Acquisitions
In February 2022, Howdens acquired Sheridan Fabrications Ltd, for a total
consideration of £25m including £10m for the purchase of the site. Sheridans
is a leading industry specialist for the manufacture, fabrication, laser
templating and installation of premium worksurfaces. The acquisition supports
our ambition to develop our Howdens Work Surfaces (HWS) operations as the
market leading supply and fit business. We are continuing to invest in
expanding our capacity and we have now rolled out HWS to all regions and solid
surface worktop orders have significantly increased on the prior period.
Pensions
At 24 December 2022, the defined benefit pension scheme was in a deficit
position of £42m on an IAS 19 basis compared to a surplus of £141m on 25
December 2021. This movement from a surplus to a deficit was primarily a
result of an increase in the net discount rate resulting in a decrease in
asset valuations of £754m partially offset by a reduction in the liabilities
of £571m. The extreme market volatility in September 2022 led to changes in
the Plan's investments to meet collateral requirements. The defined benefit
pension scheme is closed for future accrual.
The pension has returned to a small deficit on a technical provisions basis
from November 2022 and, as a result, deficit contributions of £2.5m a month
re-commenced in January 2023. It is possible that the scheme could return to a
surplus position on a technical provisions basis. If this were the case, for
more than two consecutive months then deficit contributions would cease. The
next full triennial valuation of the scheme will be carried out as at 31 March
2023.
Board changes
Peter Ventress joined the Board on 1 July 2022 as Chairman Designate and a
Non-Executive Director prior to assuming the role of Chairman from 17
September 2022. The Company announced earlier in the year that Richard
Pennycook had indicated his intention to retire. Peter is Chairman of Bunzl
plc and was formerly Chairman of Galliford Try Plc and was previously CEO of
Berendsen plc from 2010 to 2016 and prior to that he held several senior
executive roles at Staples Inc. the office supplies retailer.
We are announcing today that Geoff Drabble will step down from the Howdens
Board at the end of the Annual General Meeting on 4 May 2023. On behalf of the
Board, we thank Geoff for his nearly eight years of service, in particular as
Senior Independent Director and as the Non-Executive Director Responsible for
Workforce Engagement. He has made a significant contribution to Howdens during
a very successful period of growth in the Company's history and we wish him
well in the future. The Nominations Committee has a comprehensive succession
planning process and a further announcement on the handover of Geoff's
responsibilities will be made in due course.
Operational Review
Update on the UK kitchen and joinery markets
Howdens conducts its own research analysis into the size and structure of the
UK kitchen and joinery markets. The work undertaken is based on existing 3rd
party sources supplemented by management estimates. The findings show that the
UK kitchen and joinery markets are large and fragmented with a significant
opportunity for Howdens to continue to grow its market share. Management
believes that based on its recent internal research the value of the kitchen
market was around £7bn as at the end of 2022.
The UK joinery market is also large and very fragmented at around £4.5bn
across the four segments that Howdens supplies; joinery, doors, flooring and
hardware.
Consequently, we believe Howdens' total addressable market in the UK is around
£11.5bn compared with Howdens' UK revenue of around £2.3bn last year. We are
investing commensurately in our strategic initiatives as outlined below.
Strategic initiatives
Howdens has made further progress on its strategic initiatives, and we expect
to deliver profitable growth and market share gains over the medium term. The
four strategic initiatives are:
1. Evolving our depot model by using space more efficiently to provide
the best environment in which to do business.
2. Improving our range and supply management to help customers' buying
decisions, to improve service and to enhance productivity in our
manufacturing, sourcing and supply chain activities.
3. Developing our digital platforms to raise brand awareness, support
the business model and to deliver productivity gains and leads for depots and
customers.
4. Expanding our presence in attractive kitchen and joinery markets
outside the UK.
Progress on each of these initiatives is reviewed below:
1. Evolving our depot model
High service levels, including local depot proximity and immediate
availability are very important to our customers and we have continued to
extend our UK depot footprint in 2022. We are opening all new depots in our
updated format which is designed to provide the best environment in which to
do business. We are also improving space utilisation and making productivity
gains in a cost-effective way, by using vertical racking in the warehouse
section of the depot.
In 2022 we opened 30 new depots in the UK and we believe there is potential
for around 1,000 depots, including c.25 in Northern Ireland. We plan to open
around 30 new depots in 2023. We have also continued with our revamp programme
for existing depots, and the programme is delivering additional sales and has
received very positive feedback from depots and customers.
During the year, including relocations, we reformatted 82 depots, taking the
total number of revamped depots to 185 at the year-end. The scale and scope of
the revamps has been refined and, in 2023 we will shorten the reformatting
timetable in some cases, reducing disruption to the refit and lowering, where
appropriate, costs by modifying the scope and scale of some revamps to
maintain incremental returns. Overall, we will continue to target a payback of
up to 4 years for these projects. Including relocations, we plan to revamp
around 80 more depots in 2023.
2. Improving our product range and supply management
Range management
As product lifecycles shorten, managing the number of kitchen ranges
efficiently is crucial for both our customers, who want best availability, and
for profitability. We are managing range introductions and clearances so that
our 2023 current range count is around 90, organised in 10 families. New
products for 2022 featured 21 new kitchen ranges with total sales ahead of
2021 and 2019 with more emphasis on higher priced kitchens and on ensuring
more of our most popular styles were accessible to all budgets.
Total sales of all product introduced in 2021 and 2022 represented around 22%
of our UK product sales. During 2022, we focused on building out our ranges of
higher priced kitchens, where we are under-represented. Sales in this category
grew strongly in the period and contributed to the percentage increase in
average kitchen invoice value. We also grew our market share significantly in
the solid work surface category. These products are often associated with
sales of higher priced kitchens, and the acquisition of the Sheridans business
along with additional investments has expanded our range and manufacturing
capacity to support this significant opportunity.
Value for money consistently drives consumer buying decisions and is likely to
be more of a feature in 2023 given mounting pressures on household budgets. We
also expect some consumers to reallocate how they spend their budget for
example, between cabinetry, worktops and appliances. As a result, in 2023 we
will increase the number of ranges aimed at entry and the mid-market segments,
making more kitchen looks and styles accessible to all budgets. This is also
important as kitchens from these segments are a major contributor to keeping
our unit costs of manufacture low. New product introductions of around 23 new
kitchen ranges are planned this year and include:
§ Extending our entry ranges with more colour options including Greenwich in
Reed Green, Witney in Pebble and Navyand Allendale in Dusk Blue plus new
frontals for Greenwich and Witney to match the new 'Croft Grey' kitchen
cabinet we are introducing this year.
§ Refreshing the look of our bestselling shaker family, which we have named
Halesworth and adding a new mid-priced beaded shaker family called Bridgemere,
initially available in three colours.
§ Maintaining a similar range count to last year in higher price kitchens,
with the same number of families but introducing additional new colours for
2023. We are also adding more decors to our solid surface offering and
refining the template to fit service to ensure the best service to our
customers.
§ Introducing more new products in other categories both for everyday lines
and kitchen products. This includes more colours and bolder styles at all
price points in doors, expanding our flooring ranges and further additions to
our Lamona brand, which is the leading integrated appliance brand in the UK.
We are also adding more styles, colours and finishes in sinks and taps.
Manufacturing and supply chain
Our dedicated manufacturing and supply chain is critical to the success of our
in-stock offer. We supply all product, whether manufactured or sourced, to all
depots. Since the COVID-19 pandemic we have continued to hold enhanced safety
stock as a contingency against unexpected demand patterns and interruptions to
supply to support our customers.
We also keep under review what we believe it is best to make or buy, balancing
cost and overall supply chain availability, resilience and flexibility. In
2022 we made about one-third of our products as a percentage of our cost of
goods sold and we believe there is value in extending this further in the
coming years.
In 2019, we invested in manufacturing technology to enable us to make the
doors for our popular Hockley kitchen ranges. Since then, we have invested in
new lines which will enable us to make doors for more of our kitchen ranges,
at the same quality as we can source externally but at a lower cost and at a
reduced lead time. The new lines, located at our Howden site, are now in-situ
and we will be moving up to full scale production during the course of 2023.
Our second architrave and skirting line is also now operational, enabling us
to service in-house more of the substantial increase in demand we have seen
for these products.
Last year we announced our plans to expand, over the next few years, our
kitchen manufacturing capacity and capabilities and to reconfigure some of the
supporting infrastructure at our Howden factory and we are continuing to
progress the investments required to achieve this.
Regional cross docking centre ('XDCs')
The roll out of our XDC programme was completed early in the new financial
year and the service is now available to nearly all UK mainland depots. This
approach improves stock replenishment through regional hubs that supplement
the depots' core weekly replenishment with a next day service. XDCs also
optimise the service levels our depots can deliver to customers by rebalancing
inventory and freeing up more time and resources to focus on sales and service
while reducing the need for inter-depot stock transfers. This year we will
continue to optimise the service balancing cost and availability with
providing the best service to support our trade customers' daily needs. By
rebalancing where we hold stock and changing the delivery pattern of some
lines to depots, depots can allocate more warehouse space to faster selling
lines and can reduce stocks of slower moving lines while providing a high
level of service across the product range. XDC is now seen as a key point of
differentiation by both customers and our depot teams versus the best
competitor offerings.
3. Developing our digital platform
Our digital strategy reinforces our model of strong local relationships
between depots and their customers by raising brand awareness, supporting the
business model with new services and ways to trade with us and delivering
productivity benefits for depot employees and customers.
In 2022 we added to our capabilities for the builder, including new functions
which improves our digital offerings. The Trade App, which puts more aspects
of the local depot in the hands of our customers, was launched in February
last year. This replicated core features of the online trade platform
including customers' account details and credit status making them readily
accessible on the move. Customers can also view their open orders and new
features include rapid check in at any depot, order status updates and an easy
order collection function.
We continue to see high levels of engagement with our web platforms and growth
in our social media presence which also stimulates interest in viewing our
products and services on Howdens.com (http://www.howdens.com) . New
registrations totalled nearly 80,000 and around 45% of our customers had an
online account by the end of 2022. "Impressions" were present in 15% more
organic search results a month with site visits at 21 million. The time users
spent looking at pages increased by 51% and the number of pages viewed per
session also increased. Across our social media sites our follower base was
c.455,000, up 14%, with 1.6 million users actively engaging monthly.
In 2023 we will be adding new services and capabilities which collectively
improve lead quality, stock and account knowledge, promote frequency of
trading and reduce time consuming manual tasks in depots including stock
allocation.
4. Expanding our international operations
Our international operations, predominantly based in France, continue to make
good progress. The business model for France is similar to the UK with a
market size in kitchens of around €4.3bn (excluding appliances). The French
market has low penetration rates of integrated kitchens and most are purchased
through DIY outlets and specialist small independent businesses.
Since 2019, we have been opening depots in small clusters within cities which
benefit from word of mouth between customers and our ability to build a local
and trusted brand. Clustering also helps to build the Howdens culture within
our business teams. By the end of 2022 we increased the number of depots
trading in France and Belgium to 60 with a significant proportion in the Paris
metro area. We are continuing to selectively invest in expanding the business
and expect to open around 30 depots in the next two years with around 10 new
depots in 2023.
We believe appreciation of the advantages of our trade-only in-stock model,
our service levels and competitive pricing is growing, and with around 90% of
product common to our UK ranges this helps us realise scale benefits.
During 2022 we opened our first 5 depots clustered around Dublin in the
Republic of Ireland. Our arrival in the Irish market has attracted much
attention locally and we are encouraged by depot sales to date. In 2023, we
plan to have at least 10 depots trading by the end of the year. This
city-based approach fits with Irish population distribution and the depots can
be supported by the UK.
Environment, social and governance (ESG)
We actively manage risks and identify opportunities across the business to
minimise our impact on the environment. We want to create an inclusive
workplace with a positive contribution to the communities we serve as well as
all our stakeholders, including our customers, staff, communities, suppliers
and shareholders.
In 2020 the Board conducted an ESG strategic review which resulted in a new
approach to improve our performance and inject pace into our activities.
Improvements were focused around four main commitments, which are outlined
below. It also resulted in a number of additional targets and research
projects in each of our material areas, which we now report on in the Annual
Report. Building on our progress, in 2022 Howdens committed to the Science
Based Targets Initiative (SBTi) to set near and long-term company-wide
emission reductions. We are now working towards SBTi approval of our roadmap,
which will get us to net zero by 2050.
Howdens' four main ESG commitments are:
Zero Waste to Landfill Carbon Neutral Manufacturing Behavioural Health and Safety Leader Reporting and Disclosure
Maintain zero waste to landfill in manufacturing and distribution. Zero waste Carbon neutral manufacturing by the end of 2021 and maintain that status as Maintain international safety standard Progressive, phased implementation of high quality reporting.
to landfill in depots over time, with target of less than 5% by end of 2022. the business grows.
ISO45001 in our manufacturing and distribution operations. Achieve ISO45001
in our depot network.
The review also confirmed five material focus areas which underpin our
strategic commitments. These are:
1. People: Keeping our employees safe and well. Supporting their growth,
offering them great rewards for success, and opportunities to grow with us;
2. Sustainable supply chain: Certified raw materials from sustainable
sources. Responsible purchasing, working with our international network of
over 250 main suppliers;
3. Sustainable product: Continuous research and evolution of our
products and packaging. Refining our
efficient manufacturing processes and working with our suppliers on bought-in
product;
4. Environment and operations: Reducing waste, lowering emissions,
working with the Carbon Trust to
achieve continuing improvements; and
5. Communities: Being a responsible member of over 850 local communities
in the UK and internationally. Supporting a range of local and national
charities.
Summary of 2022 performance
People
Howden's key asset is its workforce and we want to attract, train and retain
great people from the widest possible pool of talent as well as keep them safe
and healthy while at work. Howdens is committed to embedding safety as a core
value in everything we do and we have worked hard to drive better performance.
The Company's reportable injuries per 100,000 employees under RIDDOR
(Reporting of Injuries Diseases and Dangerous Occurrences Regulation),
decreased in 2022 to 140 reportable injuries (2021: 196). This is
significantly below the 2021/2022 HSE All-Industry rate in 2022. In addition,
our injury severity rate also decreased in 2022 to 26.2 hours lost per 100,000
employees (2021: 33.4).
We also remained focused on creating an engaging place to work with fulfilling
jobs and a strong culture that supports everyone to do their best. Listening
to our employees is key and over 7,000 completed our Best Companies engagement
survey in March 2022 and Howdens was proud to receive a 'two-star'
accreditation as a company 'with an outstanding commitment to workplace
engagement'. The Company was ranked 10(th) in the top 100 UK's Best Big
Companies to Work For last year up from 14(th) in 2020.
Howdens recently agreed a partnership with the Football Association for their
Game Changer programme supporting and enabling local communities to improve
club kitchens. This new initiative involves Howdens donating £1m of
kitchens each year for 3 years to grass roots football clubs. The programme
will have nationwide reach and will benefit local clubs which are so often at
the heart of their communities.
Environment
We have made further progress this year to reduce our Scope 1 and 2 emissions.
In 2021 we were proud to achieve carbon neutral manufacturing in our two major
UK factory sites and this year we have commenced the process to include our
two recently acquired solid surface worktop factories. Our ongoing focus on
waste reduction continues and we maintained our target of zero waste to
landfill in our manufacturing and distribution facilities last year. We are
now committed to reducing waste in our depot network and during 2022 we
achieved 99.7% depot waste avoiding landfill across all 808 UK depots, which
was achieved from a baseline performance of 60% in 2019. In addition, this
year we have switched substantially all of our UK depots to a renewable energy
tariff using wind, solar and hydro-electric sources. On an annualised basis
this is expected to avoid around 10,000 tonnes of indirect carbon emissions.
We also achieved our objective to ensure that 100% of our kitchen door
frontals are FSC or PEFC certified by the end of 2022. This independently
certifies that the wood comes from responsibly managed forests. We have
recently commenced a trial of Hydrotreated Vegetable Oil (HVO) in our vehicle
fleet as an alternative to diesel which is a major contributor to our Scope 1
greenhouse gas emissions. If successful, replacing diesel with HVO has the
potential to reduce our own fleet emissions significantly with no negative
impact on fuel efficiency or maintenance costs.
Scope 3 emissions from our suppliers are a major area of focus for the
business as they represent the majority of Howdens overall carbon emissions.
We recently held our first sustainability conference to engage directly with
our suppliers to work with them to improve our ESG performance and set joint
targets to reduce our impact on the environment. Initially we are focusing on
our major suppliers, with our top 27 suppliers comprising around 80% of all of
our carbon emissions.
With respect to Howdens' carbon emissions, overall Scope 1 and 2 absolute
emissions decreased by 3.5% in 2022 and our carbon intensity ratio improved by
12.8% to 23.8 tCO(2)e per £m of revenue (2021: 27.3 tCO(2)e per £m of
revenue).
Further details of the Group's ESG strategy and performance can be found in
the 2022 Annual Report and Accounts which will be available shortly on the
Group's website www.howdenjoinerygroupplc.com
(http://www.howdenjoinerygroupplc.com) .
Going Concern
The Directors have adopted the going concern basis in preparing the financial
statements and have concluded that there are no material uncertainties leading
to significant doubt about the Group's going concern status. The reasons for
this are explained below.
Going concern review period
This going concern review period covers the period of 12 months after the date
of approval of these financial statements. The Directors consider that this
period continues to be suitable for the Group.
Assessment of principal risks
The Directors have reached their conclusion on going concern after assessing
the Group's principal risks, as set out in detail in the "Principal risks and
uncertainties" section, starting on page 14.
While all the principal risks could have an impact on the Group's performance,
the specific risks which could most directly affect going concern are the
risks relating to continuity of supply, changes in market conditions, and
product relevance. The Group is currently holding additional amounts of
faster-moving inventory as a specific mitigation against supply chain
disruption, and the Directors consider that the effects of the other risks
could result in lower sales and/or lower margins, both of which are built into
the financial scenario modelling described below.
Review of trading results, future trading forecasts and financial scenario
modelling
The Directors have reviewed trading results and financial performance in 2022,
as well as early weeks' trading in 2023. They have reviewed the Group balance
sheet at 24 December 2022, noting that the Group is debt-free, has cash and
cash equivalents of £308m, and appropriate levels of working capital.
They have also considered three financial modelling scenarios prepared by
management:
1. A "base case" scenario. This is based on the final 2022 Group
forecast, prepared in November 2022 and including the actual results of the
2022 peak sales period.
This scenario assumes future revenue and profit in line with management and
market expectations as well as investments in capital expenditure and cash
outflows for dividends and share buybacks in accordance with our capital
allocation model.
2. A "severe but plausible" downside scenario based on the worst
12-month trading period experienced in the Group's history. This is more
significant than the combined effect of COVID and Brexit on 2020 turnover.
This scenario models a reduction in most of the variable cost base
proportionate to the reduction in turnover. It includes capital expenditure at
a lower level than in the base case, but which is still in line with our
announced strategic priorities for growth, namely: new depot openings and
refurbishments; investment in our manufacturing sites, investment in digital
and expanding our international operations. It also includes dividends and
share buybacks in line with the Group's stated capital allocation model.
In this scenario the Board considered the current economic conditions that the
company and its customers are facing, and noted that the downside scenario
included allowances for reduced demand and increased costs to reflect such
adverse conditions.
3. A "reverse stress-test" scenario. This scenario starts with the
severe but plausible downside model and reduces sales even further, to find
the maximum reduction in sales that could occur with the Group still having
headroom over the whole going concern period, without the need to take further
mitigating actions.
Capital expenditure in this scenario has been reduced to a "maintenance"
level. Variable costs have been reduced in proportion to the reduction in
turnover on the same basis as described in the severe but plausible downside
scenario. It assumes no dividends or share buybacks.
Borrowing facility and covenants
The Group has a five-year, committed, multi-currency revolving credit facility
of up to £150m which expires in September 2027 and which was not drawn at the
period end.
As part of the scenario modelling described above, we have tested the
borrowing facility covenants and the facility remains available under all of
the scenarios. We have therefore included the credit available under the
facility in our assessment of headroom.
Results of scenario modelling
In the base case and the severe but plausible downside scenarios, the Group
has significant headroom throughout the going concern period after meeting its
commitments.
In the reverse stress-test scenario, the results show that sales would have to
fall by a significant amount over and above the fall modelled in the severe
but plausible downside scenario before the Group would have to take further
mitigating actions. The likelihood of this level of fall in sales is
considered to be remote.
Conclusion on going concern
Taking all the factors above into account, the directors believe that the
Group is well placed to manage its financing and other business risks
satisfactorily and have a reasonable expectation that the Group will have
adequate resources to remain in operational existence for the going concern
review period set out above. Accordingly, they continue to adopt the going
concern basis in preparing these financial statements.
LONG-TERM PROSPECTS AND VIABILITY
Assessment of long-term prospects
The Directors have assessed the Group's long-term prospects, solvency and
liquidity, with particular reference to the factors below:
Current position
- History of profitable trading, with strong net profit margins.
- Cash and cash equivalents balance at 24 December 2022 of £308m.
- Debt-free. Consistently cash-generative. Proven ability to maintain
strong cash balances whilst also investing for growth and returning cash to
shareholders.
- £150m committed borrowing facility, due to expire in September
2027. Unused, but available if needed.
- Strong relationships with suppliers and customers.
- Proven ability to flex the operating cost base in a severe economic
downturn.
- Robust disaster recovery and business continuity framework.
Strategy and business model
- Proven, successful business model.
- Demonstrated agility and resilience of the business model to adverse
economic conditions.
- Clear strategic direction.
Robust assessment of principal risks
- The Directors' role in the risk identification, management, and
assessment process is outlined on pages 14 to 19, together with details of the
principal risks and mitigations.
- The Directors are satisfied that they have carried out a robust
assessment of the Group's principal risks over the viability period on the
basis already described in the going concern disclosure directly above.
Assessment of Viability
Time period and scenario modelling
The Directors' review of the Group's long-term viability used a three-year
period to December 2025. This was considered to be the most suitable period as
it aligns with the Group's strategic planning process.
The financial modelling to support the assessment of viability was based on
the three scenarios used for the going concern assessment and detailed above.
We have tested the borrowing facility covenants and the facility remains
available under all of the viability scenarios. We have therefore included the
credit available under the facility in our assessment of headroom.
1. The base case scenario takes the base case described in the discussion
of going concern above and extends it over the viability assessment period. It
assumes future revenue and profit in line with management expectations,
investments in capital expenditure and cash outflows for dividends and share
buybacks in accordance with our capital allocation model.
2. The severe but plausible downside scenario takes the same decline over
the going concern period as described in the discussion of going concern
above, and then assumes a phased recovery over the rest of the three-year
period. It assumes capex at a lower level than in the base case but which is
still in line with our announced strategic priorities for growth, and
dividends and share buybacks in line with our capital allocation model.
3. In the reverse stress-test scenario, the model assumes a phased
recovery of margin and profit on the same bases as for the severe but
plausible downturn scenario. This is then stress-tested to find the maximum
amount by which sales in the first year would have to fall before the Group
would no longer have headroom at any point in the viability assessment period,
without taking further mitigating actions. It assumes capex at a maintenance
level and no dividends or share buybacks.
The Directors consider that the reasonably foreseeable financial effects of
any reasonably likely combination of the Group's principal risks are unlikely
to be greater than those effects which were modelled in the severe but
plausible downside and reverse stress-test scenarios.
Results of scenario modelling
The results of the base case and plausible downside scenario modelling showed
that the Group would have sufficient headroom over the viability assessment
period.
The reverse stress-test showed that the level of fall in sales required in the
first year of the viability assessment period was significantly more than the
fall modelled in the severe but plausible downturn scenario before the Group
would have to take further mitigating actions. The likelihood of this level of
fall in sales is considered to be remote.
Conclusion on long-term prospects and viability
Having considered the Group's current position, strategy, business model and
principal risks in their evaluation of the prospects of the business, and
having reviewed the outputs of the scenario modelling, the Directors concluded
that they have a reasonable expectation that the Group will continue to
operate and to meet its liabilities in full and as they fall due during the
three-year period to December 2025.
Principal Risks and Uncertainties
When we look at risks, we specifically think about internal and external
drivers of operational, hazard, financial and strategic risk areas over short,
medium, and long-term timescales.
Our principal risks
The following describes our principal risks, the possible impact arising from
them, what we do to mitigate them and our risk appetite.
1. Market conditions
Over 2022 the scoring of this risk has increased because of continuing
economic uncertainty.
Risk and impact
Our products are mostly sold to small builders and installed in owner-occupied
and private and public sector rented housing, mainly in the repair,
maintenance and improvement markets. If activity falls in these markets, it
can affect our sales.
Mitigating factors
- We have proven expertise in managing both selling prices and costs.
This continues to be a main area of focus.
- We have a good record of dealing with changes in market conditions. We
monitor activity across our supply chain and depots closely, using the strong
relationships we have to give us early warnings of changing conditions. This
enables us to take swift mitigating action to emerging market risk factors.
Additional Actions in 2022
- Closely monitored the UK and global geopolitical environments, the
impact on the cost of living and the operation of our business.
- Frequent scenario planning based on latest information to ensure our
plans were appropriate to changing market conditions, including swift price
action where required.
Risk Appetite
We have a low appetite for market conditions risks and maintain close
relationship with the small builder to identify movements early to enable
appropriate action to be taken.
2.Supply chain
Risk and impact
Any disruption to our relationship with key suppliers or interruption to
manufacturing and distribution operations could affect our ability to deliver
the in-stock business model and to service our customer's needs. If this
happened, we could lose customers and sales.
We build strong relationships with our suppliers, focused on integrity,
fairness and respect, and which are worthwhile for all concerned.
Mitigating factors
- Where appropriate we enter long-term contracts to secure supply of key
products, services and raw materials.
- Wherever possible we have multiple-sourcing strategies for our key
products, to reduce the effect of a supply failure.
- We have invested in our manufacturing operations and this investment
gives us an enhanced disaster recovery capability.
- We are also investing in new warehouse space to support our
distribution capabilities and equip them for growth.
- We closely monitor the UK and global geopolitical environments and the
impacts on our supply chain.
- We maintained our Authorised Economic Operator 'AEO' preferred
importer/exporter status to reduce potential customs delays.
Additional Actions in 2022
- Optimised our safety stocks levels, to reduce the potential risk of
global supply constraints.
- Improved manufacturing planning and scheduling to ensure stock
availability ahead of demand, supporting our in-stock business model.
Risk Appetite
Howdens is an in-stock business. Our customers expect this and rely on it.
Because of this we have a very low appetite for Supply Chain risks and will
put extra effort in identifying them early and putting in place appropriate
mitigation to prevent stock issues at our depots.
3. Maximising growth
Risk and impact
If we do not innovate, recognise and exploit our growth opportunities in line
with our business model and risk appetite, or if we do not align structures
and skills to meet the challenges of growth, we won't get maximum benefit from
our growth potential.
Mitigating factors
- The opportunities and challenges related to growth are a major area of
focus throughout the business, at all levels.
- We continue to invest in our depot environment, people, services, and
systems, and our manufacturing and distribution capabilities to equip them for
growth.
- Growth activities are reviewed in the light of our risk appetite,
values, business model and culture.
Additional Actions in 2022
- Converted a further 82 older UK depots to the new depot environment.
- Opened a further 30 depots in the UK.
- Opened a further 25 depots in France.
- Opened 5 depots in the Republic of Ireland.
- Further strengthening of our solid worksurface offering with the
acquisition and integration of Sheridan Fabrications into the Howden
Worksurfaces team.
Risk Appetite
We see a significant potential for growth which brings with it both
opportunities and challenges.
We have a medium appetite for risk when it comes to growth, we are willing to
accept some risk where we see a growth opportunity, carefully balancing the
risk we are taking with the potential reward that the opportunity presents.
4. People
Risk and impact
Our operations could be adversely affected if we were unable to attract,
retain and develop our colleagues; or, if we lost a key member of our team.
Mitigating factors
- We invested heavily in our employee value proposition, always striving
to provide the best possible working environment and growth opportunities for
all our colleagues.
- We support our colleagues with a wide variety of apprenticeships,
accreditations and development programmes across all areas of our business.
- We use the Remuneration Committee to ensure that key team members are
appropriately compensated for their contributions and incentivised to continue
their careers with us.
- We work continuously to ensure that appropriate continuity and
succession plans are in place. We will continue to focus on leadership
development and succession planning.
- Equality, diversity & inclusion (EDI) Programme in place with
specific goals established.
Additional Actions in 2022
- Wellbeing programme continued, with further training made available
for all our people.
- Continued to expand our Apprenticeship offerings.
Risk Appetite
The success of our business is fundamentally driven by our people and their
unwavering customer focus. We have a low appetite for People risk and work
hard in ensuring that they feel valued, rewarded appropriately, and have
opportunities to develop and progress in their Howdens career.
5. Health and safety
Risk and impact
Howdens is about people and relationships. We have over 850 depots, 11,000
employees, hundreds of suppliers and hundreds of thousands of customers. If we
do not ensure safe ways of working across the business, this could compromise
the safety and wellbeing of individuals and the reputation and viability of
the business.
Mitigating factors
- Since the beginning of our business, we have invested in safe ways of
working. We have developed dedicated health and safety teams and formalised
systems that help us stay safe.
- We monitor, review and update our practices to take account of changes
in our environment or operations and in line with best practice and changing
legislation.
- Most importantly, we make sure we keep talking about health and safety
at every level of the business, led by the Executive Committee.
Additional Actions in 2022
- Transitioned to ISO45001 standards across all Trade Operations.
- Maintained COVID-19 safe practises in line with government advice.
Risk Appetite
Care for the health and safety of employees, customers, suppliers and everyone
who comes into contact with Howdens is integral to our values and to our
behaviours. We put a great deal of effort into identifying and managing health
& safety issues before they occur and have a very low appetite for Health
& Safety risks.
6. Cyber security
Risk and impact
If we experienced a major security breach, this could result in a key system
being unavailable causing operational difficulties, and/or sensitive data to
be unavailable or compromised. This could also lead to breach of customer
data.
Mitigating factors
- We place focus on training our people in cyber security, as we
recognise that these risks are not always technical, and awareness is our
first point of control.
- We employ complex technical IT security controls to protect our
information and our key systems. We regularly engage external specialists to
validate the effectiveness of our controls against industry best practice.
- We have robust disaster recovery and business continuity plans, and we
test them regularly.
- We adopt a continuous improvement approach to IT security and continue
to invest in the security of our systems.
Additional Actions in 2022
- We reviewed and tested our cyber security posture with engagement of
3rd party expertise to provide insight, assurance and guidance.
- We improved our 24/7 monitoring with the introduction of additional
robust controls.
Risk Appetite
We depend on a core set of critical IT systems which are fundamental to the
day-to-day running of the business. These systems are at risk from
increasingly sophisticated security threats. We have a very low appetite for
cyber security risk and manage IT security closely to secure the
confidentiality, integrity and availability of these systems.
7. Business model and culture
Over 2022 the likelihood of this risk has reduced because of on-going focus of
the management teams on our unique model and culture.
Risk and impact
If we lose sight of our values, model, or culture we will not successfully
service the needs of the local small builder and their customers, and our
long-term profitability may suffer.
Mitigating factors
- Our values, business model and culture are at the centre of our
activities and decision-making processes, and they are led by the actions of
the Board, Executive Committee and senior management.
- The Board and Executive Committee regularly visit our depots and
factories, our logistics and support locations and hold events to reinforce
the importance of our values, model and culture.
- We hold regular meetings to bring together our teams and discuss the
successes and challenges ahead.
- Worthwhile foundation in place to further develop our charitable
efforts.
Additional Actions in 2022
- Continued our ESG programme enhancement, focussing on re-enforcing our
core values and further embedding our equality, diversity and inclusion
standards.
- Invested in key events for our employees and stakeholders providing
the opportunity to reinforce our core values and recognise desired behaviours.
Risk Appetite
Our future success depends on continuing to maintain our values, our unique
business model and our locally enabled, entrepreneurial culture. To secure
this we have a very low appetite for risks that can adversely impact on our
business model and culture and put great emphasis on identifying issues and
addressing them early.
8. Product
Risk and impact
Kitchen technology and design do not stand still, and our products must
reflect that. If we do not support the builder with new products that their
customers want, we could lose their loyalty and sales could diminish.
Mitigating factors
- Our dedicated product team regularly refresh our offerings to meet
builders' and end users' expectations for design, price, quality, availability
and sustainability.
- We work with external design & brand specialists and attend
product design fairs to monitor likely future trends.
- Our local depot staff have close relationships with their customers'
and end-users,' and we actively gather feedback from them about changes in
trends.
- We work with our suppliers, to develop new and improved products for
the future, some of which are unique to Howdens. Several new products were
introduced during the year across all product categories.
Additional Actions in 2022
- 21 new kitchen ranges launched.
- Sheridan Fabrications solid worksurface offering acquired and
integrated into Howden Worksurfaces.
- Restructured our Product and Marketing teams, providing greater
insight and resilience.
- Continued to develop our website and marketing offering to builders'
and end-users' to provide new tools to make their lives easier.
Risk Appetite
Ensuring that we have products that meet the design, price and quality needs
of the small builder and their customer, is a key focus of the business model
and is a critical element of our future success and growth aspirations. In
meeting this, we accept that a measured amount of risk must be taken when
selecting new products and we have a medium appetite for product risk.
9. Business Continuity and Resilience
Risk and impact
We have key business operations and locations in our infrastructure that are
critical to business continuity. They include areas such as, our Credit
Control Department, our Manufacturing & Logistics operations and key IT
systems.
Mitigating Factors
- We maintain and regularly review our understanding of what our
critical operations are.
- We ensure resilience by design, building high levels of protection
into key operations and spreading risk across multiple sites where possible.
- We ensure appropriate business continuity plans are in place for these
and have a Group wide incident management team and procedures established.
- We regularly review our continuity plans covering our sourcing and
logistics approaches to support peak trading.
Additional actions in 2022
- Closely monitored the UK and global geopolitical environments and the
impacts to the continuity of our operations.
Risk Appetite
Our key operations are essential for ensuring our customers can get the
product and services they want when they need them. To secure this we maintain
a very low appetite for Business Continuity risk, ensuring that critical
functions are resilient and appropriate business continuity plans are in place
to protect them.
Other Areas
Brexit risks
Any breakdown of the UK's relationship with the European Union (EU) has the
potential to bring with it some risk for all companies operating in these
territories. The main areas of potential risk for Howdens include:
- Free Trade & Customs Risks including loss of free trade status,
exit from the customs arrangements and little or no regulatory co-operation.
- Strategy & Business Plan Risks including consumer/Investor
uncertainty and currency and stock market volatility.
We continue to actively monitor the ongoing relationship between the EU and UK
and reconsider our mitigation plans and potential impacts as part of our risk
process.
Covid risks
Whilst the impact of COVID-19 was lower in 2022 than in previous years we
remained vigilant and promptly dealt with any issues that arose during the
year. Our learnings of what risks to expect and how to deal with them gained
over 2020-21 helped us effectively manage these issues over 2022 and will
continue to help us be prepared going forward.
Cautionary Statement
Certain statements in this Full Year results announcement are forward-looking.
Although the Group believes that the expectations reflected in these
forward-looking statements are reasonable, we can give no assurance that these
expectations will prove to have been correct. Because these statements contain
risks and uncertainties, actual results may differ materially from those
expressed or implied by these forward-looking statements. We undertake no
obligation to update any forward-looking statements whether as a result of new
information, future events or otherwise.
Directors' Responsibility Statement
The 2022 Annual Report and Accounts which will be issued in March 2023, will
contain a responsibility statement in compliance with DTR 4.1.12 of the
Listing Rules which sets out that as at the date of approval of the Annual
Report the directors confirm to the best of their knowledge:
- the Group and unconsolidated Company financial statements, prepared
in accordance with the applicable set of accounting standards, give a true and
fair view of the assets, liabilities, financial position and profit or loss of
the Group and Company, and the undertakings included in the consolidation
taken as a whole; and
- the performance review contained in the Annual Report and Accounts
includes a fair review of the development and performance of the business and
the position of the Group and the undertakings including the consolidation
taken as a whole, together with a description of the principal risks and
uncertainties they face.
By order of the Board
Andrew Livingston Paul Hayes
Chief Executive Officer Chief Financial Officer
22 February 2023
Consolidated income statement
Notes 52 weeks to 52 weeks to
24 December
25 December
2022
2021
£m £m
(unaudited)
Continuing operations:
Revenue 2 2,319.0 2,093.7
Cost of sales (907.8) (804.7)
Gross profit 1,411.2 1,289.0
Selling & distribution costs (870.7) (756.5)
Administrative expenses (125.3) (130.8)
Operating profit 3 415.2 401.7
Finance income 3.8 -
Finance costs (13.2) (11.4)
Profit before tax 405.8 390.3
Tax on profit 4 (31.6) (75.8)
Profit for the period attributable to the equity holders of the parent 374.2 314.5
Earnings per share:
Basic earnings per 10p share 5 65.8p 53.2p
Diluted earnings per 10p share 5 65.6p 53.0p
Consolidated statement of comprehensive income
Notes 52 weeks to 52 weeks to
24 December 2022
24 December 2021
£m £m
(unaudited)
Profit for the period 374.2 314.5
Items of other comprehensive income:
Items that will not be reclassified subsequently to profit or loss:
Actuarial (losses)/gains on defined benefit pension scheme 7 (183.0) 170.4
Deferred tax on actuarial gains and losses on defined benefit pension scheme 4 34.8 (33.5)
Change of tax rate on deferred tax 4 11.0 (8.5)
Items that may be reclassified subsequently to profit or loss:
Currency translation differences 2.1 (2.3)
Other comprehensive income for the period (135.1) 126.1
Total comprehensive income for the period attributable 239.1 440.6
to equity holders of the parent
Consolidated balance sheet
Notes 24 December 2022 25 December 2021
£m £m
(unaudited)
Non-current assets
Intangible assets 35.9 22.6
Property, plant and equipment 398.7 295.8
Lease right-of-use assets 614.3 555.8
Pension asset 7 - 140.8
Deferred tax asset 35.9 13.4
Prepaid credit facility fees 1.0 0.3
1,085.8 1,028.7
Current assets
Inventories 373.3 301.6
Corporation tax 32.3 -
Trade and other receivables 233.3 205.8
Cash and cash equivalents 308.0 515.3
946.9 1,022.7
Total assets 2,032.7 2,051.4
Current liabilities
Lease liabilities (95.3) (57.5)
Trade and other payables (433.9) (384.7)
Current tax liability - (25.9)
Provisions (12.0) -
(541.2) (468.1)
Non-current liabilities
Pension liability 7 (41.5) -
Lease liabilities (570.0) (533.7)
Deferred tax liability (3.8) (37.7)
Provisions (4.5) (20.4)
(619.8) (591.8)
Total liabilities (1,161.0) (1,059.9)
Net assets 871.7 991.5
Equity
Share capital 56.1 59.8
Capital redemption reserve 9.1 5.4
Share premium 87.5 87.5
ESOP and share-based payments 11.7 5.9
Treasury shares (25.5) (27.1)
Retained earnings 732.8 860.0
Total equity 871.7 991.5
Consolidated statement of changes in equity
Share capital Capital redemption reserve Share premium account ESOP and share-based payments Treasury shares Retained earnings Total
£m £m £m £m £m £m £m
At 26 December 2020 60.3 4.9 87.5 (3.5) (28.2) 599.8 720.8
Accumulated profit for the period - - - - - 314.5 314.5
Other comprehensive income for the period - - - - - 126.1 126.1
Total comprehensive income for the period - - - - - 440.6 440.6
Current tax on share schemes - - - - - (0.1) (0.1)
Deferred tax on share schemes - - - - - 1.3 1.3
Movement in ESOP - - - 10.5 - - 10.5
Reclaim of forfeited dividends - - - - - 0.2 0.2
Proceeds from sale of forfeited shares - - - - - 1.8 1.8
Buyback and cancellation of shares (0.5) 0.5 - - - (50.0) (50.0)
Transfer of shares from treasury into share trust - - - (1.1) 1.1 - -
Dividends - - - - - (133.6) (133.6)
At 25 December 2021 59.8 5.4 87.5 5.9 (27.1) 860.0 991.5
Accumulated profit for the period - - - - 374.2 374.2
Other comprehensive income for the period - - - - - (135.1) (135.1)
Total comprehensive income for the period - - - - - 239.1 239.1
Current tax on share schemes - - - - - 0.4 0.4
Deferred tax on share schemes - - - - - (1.3) (1.3)
Movement in ESOP - - - 7.4 - - 7.4
Buyback and cancellation of shares (3.7) 3.7 - - - (250.5) (250.5)
Transfer of shares from treasury into share trust - - - (1.6) 1.6 - -
Dividends - - - - - (115.0) (115.0)
At 24 December 2022 56.1 9.1 87.5 11.7 (25.5) 732.8 871.7
(unaudited)
The item "Movement in ESOP" consists of the share-based payment charge in the
year, together with any receipts of cash from employees on exercise of share
options.
At the current period end there were 5,237,907 ordinary shares held in
treasury, each with a nominal value of 10p (2021: 5,567,555 shares of 10p
each).
Consolidated cash flow statement
Notes 52 weeks to 52 weeks to
24 December 2022
25 December 2021
£m £m
(unaudited)
Operating profit 415.2 401.7
Adjustments for:
Depreciation and amortisation of owned assets 44.0 40.6
Depreciation, impairment and loss on termination of leased assets 80.8 74.8
Share-based payments charge 7.3 10.1
(Increase)/ decrease in prepaid credit facility fees (0.7) 0.3
(Profit)/loss on disposal of property, plant and equipment and intangible (0.1) 3.2
assets
Operating cash flows before movements in working capital 546.5 530.7
Movements in working capital
Increase in inventories (69.8) (46.6)
Increase in trade and other receivables (23.7) (39.2)
Increase in trade and other payables and provisions 41.8 84.1
Difference between pensions operating charge and cash paid 2.0 (18.5)
(49.7) (20.2)
Cash generated from operations 496.8 510.5
Tax paid (101.5) (73.1)
Net cash flow from operating activities 395.3 437.4
Cash flows used in investing activities
Payments to acquire property, plant and equipment and intangible assets (140.8) (85.9)
Receipts from sale of property, plant and equipment and intangible assets 0.7 0.1
Acquisition of subsidiary - net of cash acquired (14.6) -
Interest received 1.1 -
Net cash used in investing activities (153.6) (85.8)
Cash flows used in financing activities
Payments to acquire own shares (250.5) (50.0)
Receipts from release of shares from share trust 0.1 0.4
Inflow from receipt of forfeited dividends - 0.2
Inflow from sale of forfeited shares - 1.8
Dividends paid to Group shareholders 6 (115.0) (133.6)
Interest paid - including on lease liabilities (13.1) (11.0)
Repayment of principal on lease liabilities (66.1) (74.8)
Net cash used in financing activities (444.6) (267.0)
Net (decrease)/increase in cash and cash equivalents (202.9) 84.6
Cash and cash equivalents at beginning of period 515.3 430.7
Effect of movements in exchange rates on cash held (4.4) -
Cash and cash equivalents at end of period 308.0 515.3
Notes to the consolidated financial statements
1 Basis of presentation and preparation
Accounting period
The Group's accounting period covers the 52 weeks to 24 December 2022. The
comparative period covered the 52 weeks to 25 December 2021.
Statement of compliance and basis of preparation
The Group financial statements have been prepared in accordance with
UK-adopted international accounting standards.
The financial statements have been prepared on the historical cost basis,
modified for certain items carried at fair value, as stated in the accounting
policies.
These consolidated financial statements include the accounts of the Company
and all entities controlled by the Company (its subsidiaries, together
referred to as "the Group") from the date control commences until the date
that control ceases.
"Control" is defined as the Group having power over the subsidiary, exposure
or rights to variable returns from the subsidiary, and the ability to use its
power to affect the amount of returns from the subsidiary. All subsidiaries
are 100% owned and the Group considers that it has control over them all.
The accounting policies, presentation methods and methods of computation
followed are the same as those detailed within the 2021 Annual Report and
Accounts, which is available on the Group's website
(www.howdenjoinerygroupplc.com (http://www.howdenjoinerygroupplc.com) ).
Whilst the financial information included in this preliminary announcement has
been computed in accordance with IFRS, this announcement does not itself
contain sufficient information to comply with IFRS.
The financial information set out above does not constitute the company's
statutory accounts for the period ended 24 December 2022. The financial
information for the period ended 25 December 2021 is derived from the
statutory accounts for 2021 which have been delivered to the registrar of
companies. The auditor has reported on the 2021 accounts; their report was (i)
unqualified, (ii) did not include a reference to any matters to which the
auditor drew attention by way of emphasis without qualifying their report and
(iii) did not contain a statement under section 498 (2) or (3) of the
Companies Act 2006. The statutory accounts for 2022 will be finalised on the
basis of the financial information presented by the directors in this
preliminary announcement and will be delivered to the registrar of companies
in due course.
2 Segmental reporting
(a) Basis of segmentation, and other general information
Information reported to the Group's Executive Committee, which is regarded as
the chief operating decision maker, is focused on one operating segment,
Howden Joinery. Thus, the information required in respect of profit or loss,
assets and liabilities, can all be found in the relevant primary statements
and notes of these consolidated financial statements.
The Howden Joinery business derives its revenue from the sale of kitchens and
joinery products, and related services.
(b) Geographical information
The Group's operations are mainly located in the UK, with a small presence in
France, Belgium and the Republic of Ireland. The Group has depots in each of
these locations, with the first depot in the Republic of Ireland opening in
2022. The number of depots in each location at the current and prior period
ends is shown in the five year record which is located towards the back of
this Annual Report. The Group's manufacturing and sourcing operations are
located in the UK.
The following table analyses the Group's revenues from external customers by
geographical market, irrespective of the origin of the goods:
Revenues from external customers
52 weeks to 52 weeks to
24 December 2022
25 December 2021
£m £m
(unaudited)
UK 2,256.1 2,043.3
France, Belgium and Republic of Ireland 62.9 50.4
2,319.0 2,093.7
The following is an analysis of the carrying amount of assets, and additions
to property, plant and equipment and intangible assets, analysed by the
geographical area in which the assets are located.
Carrying amount of assets
24 December 2022 25 December 2021
£m £m
(unaudited)
UK 1,903.1 1,991.9
France, Belgium and Republic of Ireland 129.6 59.5
2,032.7 2,051.4
Non-current assets
24 December 2022 25 December 2021
£m £m
(unaudited)
UK 975.4 982.8
France, Belgium and Republic of Ireland 74.5 32.5
1,049.9 1,015.3
Additions to property plant and equipment and intangible assets
52 weeks to 52 weeks to
24 December 2022
25 December 2021
£m £m
(unaudited)
UK 124.4 82.8
France, Belgium and Republic of Ireland 22.8 7.0
147.2 89.8
3 Operating profit
Operating profit has been arrived at after (charging)/crediting:
52 weeks to 52 weeks to
24 December 2022 25 December 2021
£m £m
(unaudited)
Net foreign exchange (loss)/gain (0.7) 5.2
Depreciation of property plant and equipment (36.5) (31.5)
Amortisation of intangible assets (7.5) (9.1)
Depreciation and impairment of lease right-of-use assets (80.8) (74.8)
Cost of inventories recognised as an expense (893.1) (789.9)
Write down of inventories (14.0) (20.0)
Profit/(loss) on disposal of fixed assets 0.1 (3.2)
Increase in allowance for expected credit losses on trade debts (2.0) (2.9)
Staff costs (624.1) (553.3)
All of the items above relate to continuing operations.
4 Current tax
(a) Tax in the income statement
52 weeks to 52 weeks to
24 December 2022 25 December 2021
£m £m
(unaudited)
Current tax:
Current year 77.2 77.3
Adjustments in respect of previous periods(*) (33.6) (0.5)
Total current tax 43.6 76.8
Deferred tax:
Current year 2.1 0.4
Adjustments in respect of previous periods(*) (14.7) (1.7)
Effect of changes in tax rate 0.6 0.3
Total deferred tax (12.0) (1.0)
Total tax charged in the income statement 31.6 75.8
UK Corporation tax is calculated at 19% (2021: 19%) of the estimated
assessable profit for the period. Tax for other countries is calculated at the
rates prevailing in the respective jurisdictions.
(*)The adjustments in respect of previous periods are primarily driven by two
items:
As a result of a patent granted in 2021, a tax deduction was taken in relation
to the Patent Box legislation for the periods from 2017 to 2021 by
resubmitting the relevant tax computations accordingly. This legislation
allows the income directly attributable to patented items to be taxed at 10%
instead of 19% and the resubmission resulted in a prior year current tax
credit of £36.1m.
As a result of the change of the tax rate from 19% to 25%, it was decided that
the group would not claim capital allowances other than the deductions
available under the capital allowance super deduction regime. This was to
preserve the tax benefit available to be realised at a higher tax rate. This
adjustment gave rise to a £10.4m debit to current tax and a corresponding
£10.4m credit to deferred tax.
(b) Tax relating to items of other comprehensive income or changes in equity
52 weeks to 52 weeks to
24 December 2022
25 December 2021
£m £m
(unaudited)
Deferred tax (credit)/charge to other comprehensive (34.8) 33.5
income on actuarial difference on pension scheme
Change of rate effect on deferred tax (11.0) 8.5
Deferred tax charge/(credit) to equity on share schemes 1.3 (1.3)
Current tax (credit)/charge to equity on share schemes (0.4) 0.1
Total(credit)/charge to other comprehensive income or changes in equity (44.9) 40.8
(c) Reconciliation of the total tax charge
The total tax charge for the period can be reconciled to the result per the
income statement as follows:
52 weeks to 52 weeks to
24 December 2022 25 December 2021
£m £m
(unaudited)
Profit before tax 405.8 390.3
Tax at the UK corporation tax rate of 19% (2021: 19%) 77.1 74.1
IFRS2 share scheme charge 0.3 (0.3)
Expenses not deductible for tax purposes 1.0 1.7
Overseas losses not utilised 2.7 2.2
Non-qualifying depreciation 1.6 0.6
Super deduction - capital allowances (2.4) (0.6)
Rate change 0.6 (1.7)
Patent box claim (note 4(a) above) (9.0)
Other tax adjustments in respect of previous years (40.3) (0.2)
Total tax charged in the income statement 31.6 75.8
The Group's effective rate of tax is 7.7% (2021: 19.4%). The lower effective
tax rate is largely driven by the effect of the Patent Box deduction which was
realised during the period as discussed in section 4a.
5 Earnings per share
From continuing operations 52 weeks to 24 December 2022 52 weeks to 25 December 2021
(unaudited)
Earnings Weighted average number of shares Earnings Earnings Weighted average number of shares Earnings
per share
per share
£m m
£m m
p p
Basic earnings per share 374.2 568.6 65.8 314.5 591.2 53.2
Effect of dilutive share options - 2.1 (0.2) - 2.1 (0.2)
Diluted earnings per share 374.2 570.7 65.6 314.5 593.3 53.0
6 Dividends
52 weeks to 52 weeks to
24 December 2022 25 December 2021
£m £m
(unaudited)
Amounts recognised as distributions to equity holders in the period:
Interim dividend for the 52 weeks to 25 December 2021 - 4.3p/share - 25.3
Final dividend for the 52 weeks to 26 December 2020 - 9.1p/share - 54.2
Special dividend for the 52 weeks to 26 December 2020 - 9.1p/share - 54.1
Final dividend for the 52 weeks to 25 December 2021 - 15.2p/share 88.9
Interim dividend for the 52 weeks to 24 December 2022 - 4.7p/share 26.1
115.0 133.6
52 weeks to
24 December 2022
£m
Dividends proposed at the end of the period (but not recognised in the
period):
Proposed final dividend for the 52 weeks to 24 December 2022 - (15.9p per 87.9
share)
87.9
The Directors propose a final dividend in respect of the 52 weeks to 24
December 2022 of 15.9p per share, payable to ordinary shareholders who are on
the register of shareholders at 11 April 2023, and payable on 19 May 2023. The
proposed final dividend for the current period is subject to the approval of
the shareholders at the 2023 Annual General Meeting, and have not been
included as a liability in these financial statements. Dividends have been
waived indefinitely on all shares held by the Group's employee share trusts
which have not yet been awarded to employees.
7 Retirement benefit obligations
The Group operates a funded pension plan which provides benefits based on the
career average pensionable pay of participating employees. This plan was
closed to new entrants from April 2013, and closed to future accrual on 31
March 2021.
(a) Total amounts charged in respect of pensions in the period
52 weeks to 52 weeks to
24 December 2022 24 December 2021
£m £m
(unaudited)
Charged to the income statement:
Defined benefit plan - current service cost - 4.8
Defined benefit plan - administration cost 2.4 2.0
Defined benefit plan - total service cost 2.4 6.8
Defined benefit plan - net finance (credit)/charge (2.7) 0.4
Defined contribution plans - total operating charge 37.6 27.2
Total net amount charged to profit before tax 37.3 34.4
Charged to equity:
Defined benefit plan - actuarial losses/(gains) 183.0 (170.4)
Total charge/(credit) 220.3 (136.0)
(b) Other information - defined benefit pension plan
Key assumptions used in the valuation of the plan 52 weeks to 52 weeks to
24 December 2022 25 December 2021
(unaudited)
Rate of increase of pensions in deferment capped at lower of CPI and 5% 2.70% 2.85%
Rate of CARE revaluation capped at lower of RPI and 3% 2.45% 2.55%
Rate of increase of pensions in payment:
- pensions with increases capped at lower of CPI and 5% 2.65% 2.80%
- pensions with increases capped at lower of CPI and 5%, with a 3.45% 3.50%
3% minimum
- pensions with increases capped at the lower of LPI and 2.5% 2.15% 2.20%
Inflation assumption - RPI 3.15% 3.30%
Inflation assumption - CPI 2.70% 2.85%
Discount rate 4.70% 1.90%
Life expectancy (yrs): pensioner aged 65
- male 86.6 86.6
- female 88.4 88.4
Life expectancy (yrs): non-pensioner aged 45
- male 87.6 87.6
- female 90.2 90.3
Sensitivities
Present value of Projected 2023 pension cost
scheme liabilities at
24 December 2022
(unaudited)
Total service Net interest Net pension
cost
(credit)/cost
(credit)/
expense
£m £m
£m
Assumption
Current valuation, using the assumptions above 931 2.6 1.3 3.9
0.5% decrease in discount rate 1,007 2.6 4.4 7.0
0.5% increase in inflation 968 2.6 3.1 5.7
1 year increase in longevity 963 2.6 2.8 5.4
The sensitivities above are applied to the defined benefit obligation at the
end of the reporting period, and the projected total service cost for 2023.
Whilst the analysis does not take account of the full distribution of cash
flows expected under the scheme, it does provide a reasonable approximation.
The same amount of movement in the opposite direction would produce a broadly
equal and opposite effect. To address the requirements of both IAS 1 and IAS
19, we note that the effect on the discount rate and inflation sensitivities
of flexing them down to 0.25% or up to 1% in a linear manner would give
materially correct results.
Balance sheet
The amount included in the balance sheet arising from the Group's obligations
in respect of defined benefit retirement benefit plan is as follows:
24 December 2022 25 December 2021
£m £m
(unaudited)
Present value of defined benefit obligations (930.5) (1,512.5)
Fair value of scheme assets 889.0 1,653.3
(Deficit)/ surplus in the scheme, recognised in the balance sheet (41.5) 140.8
Movements in the present value of defined benefit obligations were as follows:
52 weeks to 52 weeks to
25 December 2022
26 December 2021
£m £m
(unaudited)
Present value at start of period 1,512.5 1,641.0
Current service cost - 4.8
Administration cost 2.4 2.0
Interest on obligation 28.3 21.1
Actuarial losses/(gains):
- changes in financial assumptions (622.8) (127.7)
- changes in demographic assumptions (3.5) (5.2)
- experience 55.8 20.5
Benefits paid, including expenses (42.2) (44.0)
Present value at end of period 930.5 1,512.5
Movements in the fair value of the plan's assets is as follows:
52 weeks to 52 weeks to
25 December 2021
24 December 2022
£m
£m
(unaudited)
Fair value at start of period 1,653.3 1,593.3
Interest income on plan assets 31.0 20.7
Contributions from the Group 0.4 25.3
(Loss)/return on assets excluding amounts included in net interest (753.5) 58.0
Benefits paid, including expenses (42.2) (44.0)
Fair value at end of period 889.0 1,653.3
Movements in the deficit during the period are as follows:
52 weeks to 52 weeks to
24 December 2022 25 December 2021
£m £m
(unaudited)
Deficit at start of period 140.8 (47.7)
Current service cost - (4.8)
Administration cost (2.4) (2.0)
Employer contributions 0.4 25.3
Other finance income/(charge) 2.7 (0.4)
Total remeasurements recognised in other comprehensive income (183.0) 170.4
Deficit at end of period (41.5) 140.8
Income statement
Amounts recognised in the income statement arising from the Group's
obligations in respect of the defined benefit plan are shown below.
Amount charged to operating profit:
52 weeks to 52 weeks to
24 December 2022
25 December 2021
£m £m
(unaudited)
Current service cost - 4.8
Administration cost 2.4 2.0
Total service cost 2.4 6.8
The total service cost is included in the financial statement heading Staff
Costs.
Amount credited to other finance charges:
52 weeks to 52 weeks to
24 December 2022
25 December 2021
£m
£m
(unaudited)
Interest income on plan assets (31.0) (20.7)
Interest cost on defined benefit obligation 28.3 21.1
Net charge (2.7) 0.4
The actual return on plan assets was a loss of £(722.5)m (52 weeks to 25
December 2021: increase of £78.7m).
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