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2013 Half-Yearly Results Announcement

25 July 2013

 

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2013 Half-Yearly Report

Available in PDF Format

The information presented in this document relates to the 24 weeks to 15 June 2013 and the 24 weeks to 9 June 2012, unless otherwise stated.

Howden Joinery pleased with underlying performance in first half of 2013

Chief Executive, Matthew Ingle, said:

"We are pleased with our underlying performance in the first half of the year, which has been in line with our expectations. Our current performance confirms our strategy of investing in the growth of the business, in all core areas.

"We have started the second half well and we are on track with our plans for the year as a whole. Looking forward, with our important 'period 11' still to come, anticipated operating cost increases and market conditions continuing to be uncertain, our expectations for the year are unchanged, albeit that we have the flexibility and responsiveness to react to whatever conditions we encounter."

Financial results (continuing operations)

Because of the 2013 financial year starting a week later than in 2012, results for the first half of 2013 reflect the benefit of an additional trading week in the first period of the year, which will be reversed at the end of the second half of the year. This is estimated to have increased operating profit and profit before tax for the first half of the year by around £6m.

  • Howden Joinery UK depot revenue increased by 7.3% to £383.7m (up 5.5% on a same depot basis), rising by 4.3% if the first period of the year is excluded. Group revenue was £390.8m (2012: £364.6m);
  • Gross profit margin was 61.5% (2012: 60.3%);
  • Operating profit pre exceptional items rose to £45.1m (2012: £29.6m);
  • Profit before tax and exceptional items increased to £43.2m (2012: £25.9m);
  • Basic earnings per share pre exceptional items increased to 5.0p (2012: 3.2p);
  • An exceptional operating cost of £4.5m was incurred, to reconfigure our transport operations (2012: nil) ;
  • Net cash of £102.0m at 15 June 2013 (29 December 2012: £96.4m net cash, 9 June 2012: £37.4m net cash);
  • Interim dividend of 1.0p per share declared (2012: 0.3p).

Business developments

  • Investment in the future growth of the business continues:

    • new products introduced across entire spectrum of offer;
    • in line with our plans, eight new UK depots opened so far in 2013, bringing total to 537;
    • two-year programme of investment in our two manufacturing sites completed;
  • Further mitigation of legacy property liability, with termination of leases on four more legacy properties since the 2012 Preliminary Results and one lease expiring, bringing the total so far this year to seven and the total remaining to nine.

Current trading and outlook

  • Depot sales in the first four weeks of the second half of 2013 have continued to show solid progress, with total sales up 7.6%.
  • With our important 'period 11' still to come, anticipated cost increases and market conditions continuing to be uncertain, our expectations for the year are unchanged.

 

Enquiries


Investors/analysts:
Gary Rawlinson
Head of Investor Relations
+44 (0)7989 397527
+44 (0)207 535 1127 (not on 25 July)


Media:
Maitland +44 (0)207 379 5151

Greg Lawless/Angus Maitland

 

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 500 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.

 

SUMMARY OF GROUP RESULTS

Because of the 2013 financial year starting a week later than in 2012, results for the first half of 2013 reflect the benefit of an additional trading week in the first period of the year, which will be reversed at the end of the second half of the year. This is estimated to have increased operating profit and profit before tax for the first half of the year by around £6m.

Continuing operations 1, £m unless stated 2013 2012
Revenue
Group
390.8 364.6
including:
- Howden Joinery UK depots
383.7 357.7



Gross profit 240.4 219.8
Gross profit margin, % 61.5 60.3



Operating profit before exceptional items 45.1 29.6
Profit before tax and exceptional items 43.2 25.9



Basic earnings per share before exceptional items 5.0p 3.2p



Exceptional operating cost before tax (4.5) -
Profit before tax 38.7 25.9
Basic earnings per share 4.4p 3.2p



Dividend per share 1.0p 0.3p



Net cash at end of period 102.0 37.4



  1. There were no discontinued operations in the first half of 2013. In the first half of 2012, there was a loss before tax from discontinued operations of £0.5m. This meant profit before tax and exceptional items from continuing and discontinued operations was £25.4m

 

INTERIM MANAGEMENT REPORT

FINANCIAL REVIEW

FINANCIAL RESULTS FOR FIRST HALF OF 2013 (CONTINUING OPERATIONS1)

Because of the 2013 financial year starting a week later than in 2012, results for the first half of 2013 reflect the benefit of an additional trading week in the first period of the year, which will be reversed at the end of the second half of the year. This is estimated to have increased operating profit and profit before tax for the first half of the year by around £6m.

The financial results of the Group during the first half of 2013 benefited from the Group's competitive position and actions taken to improve performance.

Total Group revenue increased by £26.2m to £390.8m. This included sales made in an extra week's trading at the start of the year

Revenue £m 2013 2012
Group 390.8 364.6
comprising: 383.7
357.7

Howden Joinery UK depots


Howden Joinery French depots 7.1 6.9

Howden Joinery UK depots' revenue rose by 7.3%, increasing 5.5% on a same depot basis.  As previously explained, sales in the first period of the year benefited from an additional week of trading.  Excluding the first period, total revenue in the five periods since then increased by 4.3%, there being no distorting factors.

In what have continued to be demanding market conditions, this growth has been achieved through a number of factors and is testament to the strength of our business model. It reflects the benefit of a price increase that was implemented in the early part of the year, as was the case in 2012. In addition, the number of customer accounts has continued to grow.

Sales by our French depots of £7.1m saw a slight decline on a same depot basis in constant currency terms.

Gross profit rose by £20.6m to £240.4m. The gross profit margin of 61.5% (2012: 60.3%) reflects the underlying improvement seen in the second half of 2012. However, the currency gain that was seen then has reversed as a result of the devaluation of the pound against the € and US$ that has occurred since the start of this year.

Selling and distribution costs, administrative expenses (before exceptional items) and other income increased by £5.1m to £195.3m. This reflects the costs of new depots and the impact of inflation, particularly on payroll costs. However, the impact of both these factors in the first half was less than in recent years.

It should be noted that we are anticipating that a number of factors will mean that operating costs will increase in the second half of the year, including the implementation of pension auto-enrolment and the number of depot openings planned (see below).

Operating profit before exceptional items increased by £15.5m to £45.1m.

The net interest charge decreased by £1.8m to £1.9m, reflecting a lower finance expense in respect of pensions. The net result was that profit before tax and exceptional items rose by £17.3m to £43.2m.
The tax charge on profit before tax before exceptional items was £11.2m, an effective rate of tax of 25.9 %.  

Basic earnings per share excluding exceptional items were 5.0p (2012: 3.2p).

As previously reported, an exceptional operating cost of £4.5m was incurred. This was in relation to the reconfiguration of our transport operations to better reflect the geographical mix of our sales in the UK and improve service to our depots. This restructuring involved one-off closure, relocation and reorganisation costs.

Basic earnings per share were 4.4p (2012:3.2p).

At 15 June 2013, the pension deficit shown on the balance sheet was £93.3m (29 December 2012: £154.5m). More than half of the decrease in the deficit in the period was due to lower liabilities arising from an increase in the discount rate. It also reflected an increase in assets, due to the Group's contribution to fund the deficit and better than expected asset returns.

There was a net cash inflow from operating activities of £10.2m. This included payments relating to legacy properties totalling £5.3m and a cash contribution to the Group's pension deficit of £13.6m.

Excluding legacy property payments, underlying working capital increased by £11.3m.  Within this, debtors at the end of the period were £25.0m higher than at the beginning of the period and stock levels increased by £4.7m, reflecting the seasonality of sales. Offsetting this, creditors increased by £18.4m, reflecting the then still to be paid 2012 final dividend.

Also included within net cash flows from operating activities was tax paid totalling £11.3m.

Payments to acquire fixed and intangible assets totalled £8.8m (2012: £6.5m).

Reflecting the above, there was a £5.6m net cash inflow in the first half of the year, the Group having net cash at the end of the period of £102.0m (29 December 2012: £96.4m net cash, 11 June 2012: £37.4m net cash). Excluding payments in respect of legacy properties and the contribution to the pension deficit, there was a cash inflow of £24.5m.

DIVIDEND

In our 2012 Preliminary Results, we said that the Group intended to pay an interim dividend equal to one third of the previous year's full dividend (2012: 3p).

Reflecting this, the Board has approved the payment of an interim dividend of 1p per share (2012: 0.3p). It will be paid on 22 November 2013 to shareholders on the register at close of business on 25 October 2013.

Note 1 There were no discontinued operations in the first half of 2013. In the first half of 2012, there was a loss before tax from discontinued operations of £0.5m. Profit before tax and exceptional items from continuing and discontinued operations was £25.4m

 

OPERATIONAL REVIEW

The business model of Howden Joinery is "To supply from local stock nationwide the small builder's ever-changing routine integrated kitchen and joinery requirements, assuring no-call-back quality and best local price".

Three years ago, in our 2010 Half Yearly Report, we said that the opportunity to transform the scale of the business was apparent and that as the performance of the business was improving and legacy issues were diminishing, we were stepping up investment in the future growth of Howden. Since then, this investment in growth has seen not only a step-up in capital expenditure but also increased expenditure in a number of other areas, and we have continued with this in the first half of 2013. In addition, we are continually looking for ways to improve the performance of our business operations.

Depot network

Eight new depots have been opened in the UK so far this year, bringing the total to 537. A number of other depots are at various stages of the acquisition/shopfitting process, the opening programme being in line with our expectations to open up to 30 depots this year.

Product and marketing

We continue to enhance our product offering, having introduced a number of new products in the first half of the year across all of our product categories. Notable amongst these are: four new kitchens - three Shaker options in our Greenwich family, and a gloss graphite option in our Glendevon range; a number of decorative elements for the Tewkesbury kitchen family, to further enhance this as our premium range; and black and white single fan Lamona ovens, with matching hobs and extractors. Based on our most successful product designs, a number of lower priced sinks, taps and joinery door options have been introduced.

As well as regularly updating our collection of product literature, we have introduced a flooring catalogue to further promote this product category.

A new version of the Howdens product website (www.howdens.com) was launched. Major improvements to this included the automatic resizing of the website to suit the device on which it is being viewed and improved navigation around the site, making it easier for users to use. The content has also been enhanced, with the addition of further product movies designed to help bring the kitchen to life. The new website coincided with the launch of the Howden App.

Manufacturing and logistics operations

The £20m two-year programme of investment in new production facilities at our two manufacturing sites has been completed. The new production lines at our Howden and Runcorn factories have been installed and commissioned, and are now fully operational.

The new £1.5m painted skirting board and architrave production facility at our Howden factory is now fully operational.

As previously announced, we have reconfigured our transport operations to better reflect the geographical mix of our sales in the UK and improve service to our depots.

 

GROUP DEVELOPMENTS

Legacy properties

The Group continues to reduce its legacy property portfolio.

After the announcement of our 2012 Preliminary Results earlier this year, the lease of one property was terminated and another, with only one year of the lease remaining, was released early, prior to the end of the first half of the year. Subsequently, the lease of a further property was terminated, this being one of the longest and most onerous, and there has been an early exit from another. This brought the total number of leases terminated so far this year to six, at a cost of £7.5m. In addition, the lease of one property expired after the end of the first half of the year.

This means that there are now nine legacy properties remaining, with a net annual rent and rates of less than £2m.

 

CURRENT TRADING AND OUTLOOK

Depot sales in the first four weeks of the second half of 2013 (period 7) have continued to show solid progress, with total sales up 7.6% on the same period in 2012, and we are on track with our plans for the year as a whole.

At this stage, our expectations for the remainder of the year are unchanged. Our important 'period 11', when sales are usually more than twice those of a normal period, is still to come and market conditions continue to be uncertain. As already mentioned, we are anticipating that a number of factors will cause operating costs to increase.

We will continue to invest in the longer term growth and development of the business. However, as in recent years, we will manage the business flexibly in light of economic conditions.

 

GOING CONCERN

The Group meets its day to day working capital requirements through an asset-backed lending facility of £160m, which is due for renewal in July 2016. The current economic conditions create uncertainty, particularly over (a) the level of demand for the Group's products and (b) the exchange rate between sterling and both the Euro and the US Dollar, which would affect the cost of the Group's operations.

The Group's forecasts and projections have been stress-tested for reasonably possible adverse variations in trading performance. The results of this testing show that the Group should be able to operate within the level of its current facility and covenants.

After making due enquiries, the directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the half-yearly condensed financial statements.

 

RELATED PARTIES

Related Party transactions are disclosed in Note 15 to the condensed set of financial statements. There have been no material changes to the related party transactions described in the last Annual Report & Accounts.

 

RISKS AND UNCERTAINTIES

The Board continually assesses and monitors the key risks of the business.  The principal risks and uncertainties that could have a material impact on the Group's performance over the remaining 28 weeks of the financial year have not changed from those which are set out in detail on pages 21 to 22 of the Group's 2012 Annual Report & Accounts, and which are summarised below:

  • Market conditions - a severe downturn in market conditions could put pressure on our ability to meet sales and profit forecasts, which in turn could put pressure on cash availability and banking covenants;
  • Failure to implement the Group's business model and culture - could have an adverse effect on the Group's future financial condition and profitability;
  • Failure to maximise exploiting the growth potential of the businesses - could adversely affect the Group's ability to obtain maximum benefit from its growth potential;
  • Continuity of supply - could adversely affect the Group's ability to implement the business model;
  • Loss of key personnel - could adversely affect the Group's operations;
  • Input price pressure - could adversely affect profitability;
  • Financial position - if it were to deteriorate significantly, this could limit the financial resources available to fund the growth and development of the business.

A copy of the Group's 2012 Annual Report & Accounts is available on the Group's website, www.howdenjoinerygroupplc.com.

 

CAUTIONARY STATEMENT

Certain statements in this Half-Yearly Report 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.

 

RESPONSIBILITY STATEMENT

We confirm that, to the best of our knowledge:

  • the condensed set of financial statements has been prepared in accordance with IAS 34 'Interim Financial Reporting';
  • the interim management report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first 24 weeks and description of principal risks and uncertainties for the remaining 28 weeks of the year); and
  • the interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties' transactions and changes therein).

The directors are responsible for the maintenance and integrity of the corporate and financial information included in the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial information differs from legislation in other jurisdictions.

By order of the Board

Matthew Ingle
Chief Executive Officer
Mark Robson
Chief Financial Officer
24 July 2013

 

Condensed consolidated income statement



24 weeks to 15 June 2013 unaudited



Notes Before exceptional items
£m
Exceptional items
£m
Total
£m
24 weeks to
9 June 2012
unaudited
£m

53 weeks to
29 December 2012
audited
£m
Continuing operations:






Revenue - sale of goods
390.8 - 390.8 364.6
887.1
Cost of sales
(150.4) - (150.4) (144.8)
(341.8)
Gross profit
240.4 - 240.4 219.8
545.3
Selling & distribution costs
(163.5) - (163.5) (160.3)
(359.1)
Administrative expenses
(31.8) (4.5) (36.3) (30.2)
(66.4)
Other operating income
- - - 0.3
-
Operating profit
45.1 (4.5) 40.6 29.6
119.8
Finance income 7 0.2 - 0.2 0.1
0.2
Finance expense 7 (0.2) - (0.2) (0.4)
(0.6)
Other finance expense - pensions 7 (1.9) - (1.9) (3.4)
(7.3)
Profit before tax
43.2 (4.5) 38.7 25.9
112.1
Tax charge for the period 8 (11.2) 0.4 (10.8) (5.8)
(24.1)
Profit after tax
32.0 (4.1) 27.9 20.1
88.0

 

Condensed consolidated income statement - continued



24 weeks to 15 June 2013 unaudited


Notes Before exceptional
items
£m
Exceptional items
£m
Total
£m
24 weeks to
9 June 2012
unaudited
£m
53 weeks to
29 December 2012
audited
£m
Discontinued operations:





Loss before tax 12 - - - (0.5) (4.4)
Tax on loss 12 - - - 0.2 0.6
Loss after tax
- - - (0.3) (3.8)







Profit for the period attributable to the equity holders of the parent
32.0 (4.1) 27.9 19.8 84.2







Earnings per share:





From continuing operations





Basic earnings per 10p share 9

4.4p 3.2p 14.0p
Diluted earnings per 10p share 9

4.4p 3.2p 13.9p







From continuing and discontinued operations





Basic earnings per 10p share 9

4.4p 3.2p 13.4p
Diluted earnings per 10p share 9

4.4p 3.2p 13.3p

 

Condensed consolidated statement of comprehensive income


Notes 24 weeks to
15 June 2013
unaudited
£m
24 weeks to
9 June 2012
unaudited
£m
53 weeks to
29 December 2012
audited
£m
Profit for the period
27.9 19.8 84.2
Items of other comprehensive income



Items that will not be reclassified subsequently to profit or loss:



Actuarial gain/(loss) on defined benefit pension scheme 13 49.5 (1.9) (52.0)
Deferred tax on actuarial gain/loss on defined benefit pension scheme
(11.4) 0.5 13.0
Effect of change in UK tax rate on deferred tax on cumulative actuarial loss
- (3.3) (7.5)
Current tax on share schemes
4.0 - 2.0
Deferred tax on share schemes
(2.0) 0.1 1.9
Effect of change in UK tax rate on deferred tax on cumulative balance on share schemes
- - (0.4)
Items that may be reclassified subsequently to profit or loss:


Currency translation differences
0.4 (0.1) (0.3)
Other comprehensive income for the period
40.5 (4.7) (43.3)





Total comprehensive income for the period attributable to equity holders of the parent
68.4 15.1 40.9

 

Condensed consolidated balance sheet


Notes 15 June 2013
unaudited
£m
9 June 2012
unaudited
£m
29 December 2012
audited
£m
Non-current assets



Goodwill
- 2.5 -
Other intangible assets
3.8 4.3 4.0
Property, plant and equipment 11 90.2 81.2 89.3
Deferred tax asset
29.5 38.8 46.1
Bank borrowings net of prepaid fees
1.2 - 1.0


124.7 126.8 140.4
Current assets



Inventories
120.6 112.5 115.9
Trade and other receivables
121.0 119.9 96.0
Cash at bank and in hand
101.7 39.5 96.7


343.3 271.9 308.6
Total assets
468.0 398.7 449.0
Current liabilities



Trade and other payables
(173.5) (149.3) (137.1)
Current tax liability
(9.2) (11.7) (16.9)
Current borrowings
(0.9) (1.2) (1.2)


(183.6) (162.2) (155.2)
Non-current liabilities



Non-current borrowings
- (0.9) (0.1)
Pension liability 13 (93.3) (122.1) (154.5)
Deferred tax liability
(4.2) (4.7) (4.3)
Provisions 14 (16.2) (22.8) (22.1)


(113.7) (150.5) (181.0)
Total liabilities
(297.3) (312.7) (336.2)





Net assets
170.7 86.0 112.8
Equity



Share capital
64.3 64.0 64.2
Share premium account
87.5 86.8 87.2
ESOP reserve
(12.9) (21.3) (19.0)
Other reserves
28.1 28.1 28.1
Retained earnings
3.7 (71.6) (47.7)
Total equity
170.7 86.0 112.8

 

Condensed consolidated statement of changes in equity


Share capital
£m
Share premium account
£m
ESOP reserve
£m
Other reserves
£m
Retained earnings
£m
Total
£m
24 weeks to 15 June 2013





As at 29 December 2012 - audited 64.2 87.2 (19.0) 28.1 (47.7) 112.8
Accumulated profit for the period - - - - 27.9 27.9
Dividend declared - - - - (17.0) (17.0)
Net actuarial loss on defined benefit pension scheme - - - - 38.1 38.1
Deferred tax on share schemes - - - - (2.0) (2.0)
Current tax on share schemes - - - - 4.0 4.0
Currency translation differences - - - - 0.4 0.4
Net movement in ESOP - - 6.1 - - 6.1
Issue of new shares 0.1 0.3 - - - 0.4
As at 15 June 2013 - unaudited 64.3 87.5 (12.9) 28.1 3.7 170.7
During the current period, the Group issued 766,298 shares.





24 weeks to 9 June 2012





As at 24 December 2011 - audited 63.4 85.1 (22.8) 28.1 (83.6) 70.2
Accumulated profit for the period - - - - 19.8 19.8
Dividend declared - - - - (3.1) (3.1)
Net actuarial loss on defined benefit pension scheme - - - - (1.4) (1.4)
Deferred tax on share schemes - - - - 0.1 0.1
Effect of change in UK tax rate on deferred tax on cumulative actuarial loss - - - - (3.3) (3.3)
Currency translation differences - - - - (0.1) (0.1)
Net movement in ESOP - - 1.5 - - 1.5
Issue of new shares 0.6 1.7 - - - 2.3
As at 9 June 2012 - unaudited 64.0 86.8 (21.3) 28.1 (71.6) 86.0
During the period above, the Group issued 6,325,814 shares.

 

Condensed consolidated statement of changes in equity - continued


Share capital
£m
Share premium account
£m
ESOP reserve
£m
Other reserve
£m
Retained earnings
£m
Total
£m
53 weeks to 29 December 2012





As at 24 December 2011 - audited 63.4 85.1 (22.8) 28.1 (83.6) 70.2
Accumulated profit for the period - - - - 84.2 84.2
Dividends declared and paid - - - - (5.0) (5.0)
Net actuarial loss on defined benefit pension scheme - - - - (39.0) (39.0)
Effect of change in UK tax rate on deferred tax on cumulative actuarial loss - - - - (7.5) (7.5)
Current tax on share schemes - - - - 2.0 2.0
Deferred tax on share schemes - - - - 1.9 1.9
Effect of change in UK tax rate on deferred tax on cumulative balance on share schemes - - - - (0.4) (0.4)
Currency translation differences

- - (0.3) (0.3)
Net movement in ESOP - - 3.8 - - 3.8
Issue of new shares 0.8 2.1 - - - 2.9
As at 29 December 2012 - audited 64.2 87.2 (19.0) 28.1 (47.7) 112.8

During the period above, the Group issued 8,100,734 shares.

 

Condensed consolidated cash flow statement


Notes 24 weeks to 15 June 2013
unaudited
£m
24 weeks to
9 June 2012
unaudited
£m
53 weeks to
29 December 2012
audited
£m
Group operating profit before tax and interest:



continuing operations
40.6 29.6 119.8
discontinued operations
- (0.5) (4.4)


40.6 29.1 115.4





Adjustments for:



Depreciation and amortisation included in operating profit
8.1 7.6 16.9
Share based payments charge
2.4 1.5 2.7
Profit on disposal of property, plant and equipment, and intangible assets
- (0.3) -
Exceptional items (before tax)
4.5 - 3.3
Operating cash flows before movements in working capital and exceptional items
55.6 37.9 138.3





Movements in working capital and exceptional items



(Increase)/decrease in stock
(4.7) 6.0 2.6
Increase in trade and other receivables
(25.0) (24.6) (0.7)
Increase/(decrease) in trade and other payables and provisions
13.1 (5.7) (16.2)
Difference between pensions operating charge and cash paid
(13.6) (20.1) (41.7)
Net cash outflow – exceptional items
(3.9) - (0.5)


(34.1) (44.4) (56.5)
Cash generated from/(used in) from operations
21.5 (6.5) 81.8
Tax paid
(11.3) (9.0) (16.9)
Net cash flows from/(used in) operating activities
10.2 (15.5) 64.9

 

Condensed consolidated cash flow statement - continued


Notes 24 weeks to
15 June 2013
unaudited
£m
24 weeks to
9 June 2012
unaudited
£m
53 weeks to
29 December 2012
audited
£m
Net cash flows from/(used in) operating activities
10.2 (15.5) 64.9





Cash flows from investing activities



Payments to acquire property, plant and equipment, and intangible assets
(8.8) (6.5) (24.2)
Receipts from sale of property, plant and equipment, and intangible assets
- 0.4 0.3
Interest received
0.2 0.1 0.2
Net cash used in investing activities
(8.6) (6.0) (23.7)





Cash flows from financing activities



Interest paid
(0.1) (0.2) (0.6)
Receipts from issue of own share capital
0.4 2.3 2.9
Receipts from release of shares from share trust
3.7 - 1.1
Decrease in loans
(0.6) (0.5) (2.2)
Repayment of capital element of finance leases
- - (0.1)
Dividends paid to Group shareholders
- - (5.0)
Net cash from/(used in) financing activities
3.4 1.6 (3.9)





Net increase/(decrease) in cash and cash equivalents
5.0 (19.9) 37.3
Cash and cash equivalents at beginning of period 16 96.7 59.4 59.4
Cash and cash equivalents at end of period 16 101.7 39.5 96.7

 

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in-the-community

In the community

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.
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Our products

With more than 80 kitchen styles, an exclusive appliance brand, Lamona, 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.
business strategy

People & 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.
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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.
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Governance

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.