06 November 2013
Howden Joinery Group Plc ('the Group') is today publishing its Interim Management Statement covering the period from the end of the first half of the year (9 June 2013) to date.
The Board is pleased to report that the Group has seen a strong sales performance throughout the second half of the year, including during the important October trading period (period 11).
As a result of this, we now expect profit before tax for the year to be around the upper end of the range of market expectations Note 1. However, it should be noted that the two remaining trading periods together typically account for over 10% of annual revenues.
Howden Joinery UK depots' total revenue in the second half of the year to 2 November (periods 7 to 11) increased by 10.7%, with performance continuing to be stronger than that seen in the first half of the year. As a result, in the first 11 periods (44 weeks) of 2013, ending 2 November, total revenue was up 9.3%, rising 7.1% on a same depot basis (excluding the first period of the year, when there was an additional trading week, total revenue increased by 7.9%).
Gross margin performance has been in line with expectations.
Since we released our 2013 Half Yearly Report in July, we have opened seven new depots, resulting in fifteen new depots in the UK so far this year and bringing the total to 544. We are on course to open 30 new depots as expected in the whole of 2013.
There have been no other material changes to the financial position of the Group in the period save as a result of the usual impact of the level of trading and those other matters disclosed above.
Note 1: The range of analyst expectations for profit before tax and exceptional items from continuing operations for 2013 is believed to be £122m to £134m.
Next scheduled announcement
The Group will release its 2013 Preliminary Results on 27 February 2014.
Head of Investor Relations
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+44 (0)7989 397527
Greg Lawless/Angus Maitland
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Note for editors:
Howden Joinery Group Plc is the parent company of Howden Joinery. In the UK, Howden Joinery is engaged in the sale of kitchens and joinery products to trade customers, primarily small local builders, through over 540 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 a small operation in France.