Howden Joinery Group PLC Trading Statement (3133V)
November 02 2017 - 3:00AM
UK Regulatory
TIDMHWDN
RNS Number : 3133V
Howden Joinery Group PLC
02 November 2017
2 November 2017
Howden Joinery Group Plc
TRADING UPDATE
Howden Joinery Group Plc ('Howdens') today publishes a trading
update for 12 June 2017 to 28 October 2017 (Period 7 to Period
11).
Howdens has seen a good trading performance, including during
the important October trading period (Period 11). The company
remains on track to meet the Board's expectations for the full
year, while noting that the two remaining trading periods together
typically account for more than 10 per cent of annual revenue.
Trading
Howdens UK depots' total revenue for Periods 7 to 11 increased
by 8.2% on the comparable periods in 2016. The increase in revenue
was driven mainly by volume growth and also reflected the slowdown
in revenue growth reported during the second half of 2016.
In the first 11 periods (44 weeks) of 2017, total revenue in the
UK increased by 6.3% and by 4.4% on a same depot basis, while gross
margin performance has been in line with management
expectations.
Other developments
Howdens UK has opened five new depots since the July 2017 half
year report, resulting in 16 new depots added so far this year,
taking the total depots in the UK to 658. Howdens expects to add
around 20 new depots in the UK in 2017.
Howdens has acquired 8.6m shares since July 2017 as part of the
GBP80m share buyback programme announced on 23 February 2017. In
total, 11.2m shares have been acquired in 2017, for a consideration
of GBP47.9m.
Next scheduled announcement
The Group will release its 2017 Preliminary Results on 1 March
2018.
Enquiries
Investors/analysts:
Paul Sharma
Head of Investor Relations + 44 (0) 20 7535 1164/+44 (0) 7585
992943
Media:
Citigate Dewe Rogerson
Simon Rigby + 44 (0) 20 7282 2847/Kevin Smith +44 (0) 20 7282
1054
Note to editors:
Howden Joinery Group Plc is the parent company of Howden Joinery
(Howdens). In the UK, Howdens is engaged in the sale of kitchens
and joinery products to trade customers, primarily small local
builders, through approximately 650 depots. Around one-third of the
products it sells are manufactured in the company's own factories
in Runcorn, Cheshire and Howden, East Yorkshire. The business also
has nascent operations in France, Belgium, Holland and Germany.
Impact of 53(rd) week
Howdens reports results based on a weekly cycle, rather than on
a monthly basis. This means that for most years the company reports
52 weeks of trading, but in 2017 it will report 53 weeks of
trading, including the week between Christmas and New Year, when
depots are closed while incurring ongoing costs.
The inclusion of a 53(rd) week in 2017 will increase operating
costs by approximately GBP10m, but will not contribute to
revenue.
The range of analyst expectations of operating profit for 2017
is believed to be GBP215m to GBP234m, with a mean of GBP228m
(excluding 53(rd) week costs) and GBP205m to GBP224m, with a mean
of GBP218m (including 53(rd) week costs).
Please see for more information:
www.howdenjoinerygroupplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
TSTQFLFBDFFXFBL
(END) Dow Jones Newswires
November 02, 2017 03:00 ET (07:00 GMT)
Howden Joinery (LSE:HWDN)
Historical Stock Chart
From Apr 2024 to May 2024
Howden Joinery (LSE:HWDN)
Historical Stock Chart
From May 2023 to May 2024