financial highlights

Overview of performance in 20221


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.



  • 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 basis2.
  • 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.
  • 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.


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.


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.


2022 revenue (2021: £2.1bn)


2022 gross margin (2021: 61.6%)


2022 operating profit (2021: £402m)



2022 profit before tax (2021: £390m)


2022 net cash (2021: £515m)


Total full-year dividend per share for 2022 (15.9p final dividend and 4.7p interim dividend)

Download 2021 annual report

2021 Annual Report

Download a copy of the 2021 Annual Report

Shareholder Information

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Business Model and Strategy

Find out more about our business model and strategy, the markets in which we operate and our strategic approach to protect our unique business model and ensure that the business continues to grow.


As a familiar sight across towns and cities in the UK and Europe, our depots are always within easy reach, so a trade professional never has far to travel to find their nearest Howdens. Get to know more about how each one operates.


Our sustainable behaviour is at the heart of our business and enables us to reduce some of our risks. We take great pride in ensuring that our business positively impacts the world around us and the people within it.


We are passionate about supporting the local communities we operate in, which is why our depots and support staff actively seek ways to give something back. Whether it is running half marathons or sponsoring local Scout groups, discover the many ways we help good causes.


With around 80 kitchen ranges, our exclusive Lamona appliance brand, and thousands of products across joinery and hardware, learn why our builders have come to trust the range and quality of the products we offer.

People and Careers

The Sunday Times named Howdens as one of the top 25 big companies to work for. Discover why Howdens is a great place to work, how we develop our people and reward them, whilst building a culture with an entrepreneurial spirit.

Financial Results

Download copies of the latest financial results for Howdens both past and present including the associated presentations and Interim Management Statements released between results announcements.


Howdens is a responsible business which was founded on the tenet that the Company should be worthwhile for all concerned, with a commitment to the people within its reach and the wider world. Here we provide the links to the framework that informs our decisions and outcomes.