01 May 2008
Galiform Plc, the owner of Howden Joinery, is today publishing its first Interim Management Statement.
In the first four periods of 2008, ending 19 April, Howden Joinery's sales were up 11.0%, 5.9% on a same depot basis and the Group's financial performance was in line with management's expectations.
So far this year, eight Howden Joinery depots have been opened, bringing the total trading to 444 depots. We have introduced five new kitchen ranges, and a new catalogue and DVD, providing improved choice to end users via the small builder.
On 2 April 2008, a payment of £12m was made to MEP Group, this being the final payment due under the terms of Galiform's agreement with MEP Mayflower Limited dated 22 September 2006 in relation to the disposal of the MFI retail business.
As part of the restructuring of manufacturing and logistics operations announced in June 2007, the planned rationalisation of operations in Northampton was completed by the end of March. The cash cost in relation to the restructuring so far this year is approximately £3m.
Matthew Ingle, Galiform's Chief Executive, said:
"In a less certain economic environment, I am pleased to report that Howdens has continued to trade well.
"The Group continues to focus on opportunities to grow sales through better products and service and to improve profitability through greater efficiencies and cost savings.
"Our competitive position is underpinned by our strong entrepreneurial culture, the inherent growth in our depot portfolio, close relationships with our builder customers, the breadth of the market they serve, our product range and the opportunity to streamline the business around supplying one customer, the small builder through Howden Joinery."
Half year report
Galiform will release its 2008 Half Yearly Financial Report on 23 July 2008.
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