REG - Howden Joinery Grp - Trading Update

Howden JoineryAnnouncement

Tue 07:00

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RNS Number : 4850G  Howden Joinery Group PLC  29 April 2025

April trading update
Positive start to the year, on track with the outlook for 2025
 

Howden Joinery Group plc, the UK's largest specialist trade kitchen and
joinery supplier, today announces a trading update for the first four periods
of 2025 (16 weeks to 19 April 2025).

 

Current trading
 Underlying(1) revenue growth versus 2024 (%)  UK     International(3)  Group
 Total                                         +2.6%  +17.0%            +3.0%

 - Periods 1 to 4
 Same depot basis(2)
 - Periods 1 to 4                              +1.4%  +14.8%            +1.8%

(1) Underlying performance is adjusted for two fewer trading days in January
versus 2024 worth c.£10m (disclosed with the FY Results) to aid
year-over-year comparison.

(2) Same depot basis excludes new depots opened in 2024 and 2025 and closed
depots.

(3) International comprises Howdens' depots in France, Belgium and the
Republic of Ireland.

 

Overall, underlying(1) Group revenue was +3.0% ahead of the prior year and
+1.8% ahead on a same depot basis(2) against a strong prior year comparator.
Underlying(1) UK revenue was +2.6% ahead of the prior year and +1.4% ahead on
a same depot basis and International was +17.0% ahead and +14.8% on a same
depot basis. As disclosed with the Full Year results in February there was a
later start to FY2025, and this phasing impact partially corrects itself at
the end of FY2025 with an additional trading day in December versus the prior
year.

 

On an absolute basis, Group revenue was +1.2% ahead of the prior year and
+0.2% higher on a same depot basis. In the UK, it was +0.9% ahead of the prior
year and -0.3% lower on a same depot basis and in international it was +14.8%
ahead and +12.7% ahead on a same depot basis. We implemented price increases
across all geographies at the start of the year. These are being retained at
acceptable levels as we continue to maintain the right balance between margin
and volume.

 

Business developments

During the year we will continue to invest in our strategic initiatives as
follows:

Depot revamps and relocations - we now plan to open between 20-25 new depots
in the UK this year and refurbish around 60 older UK depots.

New product innovation - we will launch 23 new kitchen ranges in 2025 making
more colours, styles and finishes available to more budgets. This includes a
new classic 'in frame' timber kitchen family extending the reach of our higher
priced kitchen ranges. Our fitted bedroom offering has been extended with 6
further introduced this year. Our paint to order and solid worksurface ranges
are generating encouraging attachment rates to kitchen sales.

Digital investment - we are rolling out an enhanced CRM system in H1 to
support our depot teams, giving them a deeper understanding of our customers
and helping depots manage their relationships to best advantage. Customer
adoption rates for our click-and-collect service, launched in H2 last year,
were strong as they benefitted from real-time stock availability when shopping
for everyday products.

International development - the new leadership team are settling in well and
focusing on building out our depot teams' capabilities and driving existing
depot sales in France.

 

Share buy back

Given the strong balance sheet the Board announced a £100m share buy back
programme at the start of the year. To date around 1.6 million shares have
been acquired at an average share price of 721 pence per share. The Group
expects to complete the buy back in the current financial year.

 

Commenting on Howdens' current trading Andrew Livingston, Chief Executive
said:

"We have made a positive start to the year with trading in line with our
expectations. Our focus remains on implementing our strategic initiatives to
support our trade customers, primarily self-employed builders. They are adept
at winning business, aided by Howdens' differentiated model and our well
incentivised depot teams. Our approach continues to deliver sustainable market
share gains, and we are on track with our outlook for 2025."

 

Next scheduled announcement

The Group will release its Half Year results on 24 July 2025.

( )

 For further information please contact

 Howden Joinery Group Plc                        Media Enquiries
 Paul Hayes, CFO                                 Richard Mountain (FTI Consulting)

 Tel: +44 (0) 207 535 1110                       Tel: +44 (0) 20 3 727 1000

                                                 hwdn@fticonsulting.com (mailto:hwdn@fticonsulting.com)
 Mark Fearon, Director of IR and Communications

 Mobile: +44 (0)7711 875070

 

 

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 869 depots. In 2024, the Group generated
revenues of around £2.3 billion and profit before tax of £328.1 million.
Howdens is a proud UK-based manufacturer, with a significant proportion of its
kitchen and joinery ranges manufactured in-house at its two principal
factories in Runcorn, Cheshire, and Howden, East Yorkshire. At the end of
2024, Howdens operated from 65 depots in France and Belgium and 13 depots in
the Republic of Ireland.

2.   Provisional financial calendar
 Annual General Meeting  1 May
 Half Year Results       24 July
 Trading update          6 November
 End of financial year   27 December

3.   Cautionary statement

Certain statements in this 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.

 

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