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Interim Management Statement

30 April 2009

Galiform Plc, the owner of Howden Joinery, is today publishing its Interim Management Statement covering the first four trading periods of 2009.

Trading

The Board is pleased to report that the business has performed resiliently so far this year.

In the first four periods (16 weeks) of 2009, ending 18th April, Howden Joinery UK depot revenue (1) was down 8.8%, declining 10.3% on a same depot (2) basis. Trading conditions continue to be stable, with sales performance so far this year remaining on a par with that seen in the last three periods of 2008, when total sales fell by around 8%.

As previously indicated, we are seeing the impact of the weakening of the pound against the US dollar and euro. However, we have recently introduced a small price increase. At this stage, it should be noted that the price increase has only been in place for a short period and that over 70% of annual turnover typically occurs in the remainder of the year.

Business developments

The Group continues to proactively manage its 'legacy property' portfolio. Agreement has been reached with one landlord that will further reduce Galiform's financial exposure to properties that had until November 2008 been occupied by MFI Retail operations. In return for being released from all obligations in respect of the lease, Galiform has made a cash payment to the landlord totalling £0.5m, which is equivalent to less than twice the annual cost. This reduces the number of guaranteed properties to 38, the current net annual rent and rates of which total approximately £17.5m.

In the first half of the year, payments totalling less than £1m, primarily in respect of rent, are expected to be made to landlords of properties that had been occupied by Sofa Workshop for which Galiform was the guarantor of the leases.

Pensions

The triennial actuarial review of the Group's pension schemes as at 1 April 2008 that is being carried out on behalf of the trustees continues. Details of the outcome of this will be announced when the review is complete.

Other than as disclosed in this release, there have been no material changes to the financial position of the Group.

Half Yearly Report

Galiform will release its 2009 Half Yearly Financial Report on 22 July 2009.

Enquiries

Investors/analysts:
Gary Rawlinson
Head of Investor Relations +44 (0)207 535 1127
+44 (0)7989 397527
Media:
Brunswick +44 (0)207 404 5959
Kate Holgate
Annabel Entress
  1. Week 1 sales (2008: £5.7m, 2009 £0.8m) excluded because of the impact arising from New Year's Day falling on different days of the week (Tuesday in 2008, Thursday in 2009) which meant not only were there two fewer days trading this year, but also that there were far fewer builders returning to work that week.
  2. Excluding depots opened in 2008

 

Interim Management Statement

30 April 2009

Galiform Plc, the owner of Howden Joinery, is today publishing its Interim Management Statement covering the first four trading periods of 2009.

Trading

The Board is pleased to report that the business has performed resiliently so far this year.

In the first four periods (16 weeks) of 2009, ending 18th April, Howden Joinery UK depot revenue (1) was down 8.8%, declining 10.3% on a same depot (2) basis. Trading conditions continue to be stable, with sales performance so far this year remaining on a par with that seen in the last three periods of 2008, when total sales fell by around 8%.

As previously indicated, we are seeing the impact of the weakening of the pound against the US dollar and euro. However, we have recently introduced a small price increase. At this stage, it should be noted that the price increase has only been in place for a short period and that over 70% of annual turnover typically occurs in the remainder of the year.

Business developments

The Group continues to proactively manage its 'legacy property' portfolio. Agreement has been reached with one landlord that will further reduce Galiform's financial exposure to properties that had until November 2008 been occupied by MFI Retail operations. In return for being released from all obligations in respect of the lease, Galiform has made a cash payment to the landlord totalling £0.5m, which is equivalent to less than twice the annual cost. This reduces the number of guaranteed properties to 38, the current net annual rent and rates of which total approximately £17.5m.

In the first half of the year, payments totalling less than £1m, primarily in respect of rent, are expected to be made to landlords of properties that had been occupied by Sofa Workshop for which Galiform was the guarantor of the leases.

Pensions

The triennial actuarial review of the Group's pension schemes as at 1 April 2008 that is being carried out on behalf of the trustees continues. Details of the outcome of this will be announced when the review is complete.

Other than as disclosed in this release, there have been no material changes to the financial position of the Group.

Half Yearly Report

Galiform will release its 2009 Half Yearly Financial Report on 22 July 2009.

Enquiries

Investors/analysts:
Gary Rawlinson
Head of Investor Relations +44 (0)207 535 1127
+44 (0)7989 397527
Media:
Brunswick +44 (0)207 404 5959
Kate Holgate
Annabel Entress
  1. Week 1 sales (2008: £5.7m, 2009 £0.8m) excluded because of the impact arising from New Year's Day falling on different days of the week (Tuesday in 2008, Thursday in 2009) which meant not only were there two fewer days trading this year, but also that there were far fewer builders returning to work that week.
  2. Excluding depots opened in 2008

 

Interim Management Statement

30 April 2009

Galiform Plc, the owner of Howden Joinery, is today publishing its Interim Management Statement covering the first four trading periods of 2009.

Trading

The Board is pleased to report that the business has performed resiliently so far this year.

In the first four periods (16 weeks) of 2009, ending 18th April, Howden Joinery UK depot revenue (1) was down 8.8%, declining 10.3% on a same depot (2) basis. Trading conditions continue to be stable, with sales performance so far this year remaining on a par with that seen in the last three periods of 2008, when total sales fell by around 8%.

As previously indicated, we are seeing the impact of the weakening of the pound against the US dollar and euro. However, we have recently introduced a small price increase. At this stage, it should be noted that the price increase has only been in place for a short period and that over 70% of annual turnover typically occurs in the remainder of the year.

Business developments

The Group continues to proactively manage its 'legacy property' portfolio. Agreement has been reached with one landlord that will further reduce Galiform's financial exposure to properties that had until November 2008 been occupied by MFI Retail operations. In return for being released from all obligations in respect of the lease, Galiform has made a cash payment to the landlord totalling £0.5m, which is equivalent to less than twice the annual cost. This reduces the number of guaranteed properties to 38, the current net annual rent and rates of which total approximately £17.5m.

In the first half of the year, payments totalling less than £1m, primarily in respect of rent, are expected to be made to landlords of properties that had been occupied by Sofa Workshop for which Galiform was the guarantor of the leases.

Pensions

The triennial actuarial review of the Group's pension schemes as at 1 April 2008 that is being carried out on behalf of the trustees continues. Details of the outcome of this will be announced when the review is complete.

Other than as disclosed in this release, there have been no material changes to the financial position of the Group.

Half Yearly Report

Galiform will release its 2009 Half Yearly Financial Report on 22 July 2009.

Enquiries

Investors/analysts:
Gary Rawlinson
Head of Investor Relations +44 (0)207 535 1127
+44 (0)7989 397527
Media:
Brunswick +44 (0)207 404 5959
Kate Holgate
Annabel Entress
  1. Week 1 sales (2008: £5.7m, 2009 £0.8m) excluded because of the impact arising from New Year's Day falling on different days of the week (Tuesday in 2008, Thursday in 2009) which meant not only were there two fewer days trading this year, but also that there were far fewer builders returning to work that week.
  2. Excluding depots opened in 2008

 

Interim Management Statement

30 April 2009

Galiform Plc, the owner of Howden Joinery, is today publishing its Interim Management Statement covering the first four trading periods of 2009.

Trading

The Board is pleased to report that the business has performed resiliently so far this year.

In the first four periods (16 weeks) of 2009, ending 18th April, Howden Joinery UK depot revenue (1) was down 8.8%, declining 10.3% on a same depot (2) basis. Trading conditions continue to be stable, with sales performance so far this year remaining on a par with that seen in the last three periods of 2008, when total sales fell by around 8%.

As previously indicated, we are seeing the impact of the weakening of the pound against the US dollar and euro. However, we have recently introduced a small price increase. At this stage, it should be noted that the price increase has only been in place for a short period and that over 70% of annual turnover typically occurs in the remainder of the year.

Business developments

The Group continues to proactively manage its 'legacy property' portfolio. Agreement has been reached with one landlord that will further reduce Galiform's financial exposure to properties that had until November 2008 been occupied by MFI Retail operations. In return for being released from all obligations in respect of the lease, Galiform has made a cash payment to the landlord totalling £0.5m, which is equivalent to less than twice the annual cost. This reduces the number of guaranteed properties to 38, the current net annual rent and rates of which total approximately £17.5m.

In the first half of the year, payments totalling less than £1m, primarily in respect of rent, are expected to be made to landlords of properties that had been occupied by Sofa Workshop for which Galiform was the guarantor of the leases.

Pensions

The triennial actuarial review of the Group's pension schemes as at 1 April 2008 that is being carried out on behalf of the trustees continues. Details of the outcome of this will be announced when the review is complete.

Other than as disclosed in this release, there have been no material changes to the financial position of the Group.

Half Yearly Report

Galiform will release its 2009 Half Yearly Financial Report on 22 July 2009.

Enquiries

Investors/analysts:
Gary Rawlinson
Head of Investor Relations +44 (0)207 535 1127
+44 (0)7989 397527
Media:
Brunswick +44 (0)207 404 5959
Kate Holgate
Annabel Entress
  1. Week 1 sales (2008: £5.7m, 2009 £0.8m) excluded because of the impact arising from New Year's Day falling on different days of the week (Tuesday in 2008, Thursday in 2009) which meant not only were there two fewer days trading this year, but also that there were far fewer builders returning to work that week.
  2. Excluding depots opened in 2008

 

Interim Management Statement

30 April 2009

Galiform Plc, the owner of Howden Joinery, is today publishing its Interim Management Statement covering the first four trading periods of 2009.

Trading

The Board is pleased to report that the business has performed resiliently so far this year.

In the first four periods (16 weeks) of 2009, ending 18th April, Howden Joinery UK depot revenue (1) was down 8.8%, declining 10.3% on a same depot (2) basis. Trading conditions continue to be stable, with sales performance so far this year remaining on a par with that seen in the last three periods of 2008, when total sales fell by around 8%.

As previously indicated, we are seeing the impact of the weakening of the pound against the US dollar and euro. However, we have recently introduced a small price increase. At this stage, it should be noted that the price increase has only been in place for a short period and that over 70% of annual turnover typically occurs in the remainder of the year.

Business developments

The Group continues to proactively manage its 'legacy property' portfolio. Agreement has been reached with one landlord that will further reduce Galiform's financial exposure to properties that had until November 2008 been occupied by MFI Retail operations. In return for being released from all obligations in respect of the lease, Galiform has made a cash payment to the landlord totalling £0.5m, which is equivalent to less than twice the annual cost. This reduces the number of guaranteed properties to 38, the current net annual rent and rates of which total approximately £17.5m.

In the first half of the year, payments totalling less than £1m, primarily in respect of rent, are expected to be made to landlords of properties that had been occupied by Sofa Workshop for which Galiform was the guarantor of the leases.

Pensions

The triennial actuarial review of the Group's pension schemes as at 1 April 2008 that is being carried out on behalf of the trustees continues. Details of the outcome of this will be announced when the review is complete.

Other than as disclosed in this release, there have been no material changes to the financial position of the Group.

Half Yearly Report

Galiform will release its 2009 Half Yearly Financial Report on 22 July 2009.

Enquiries

Investors/analysts:
Gary Rawlinson
Head of Investor Relations +44 (0)207 535 1127
+44 (0)7989 397527
Media:
Brunswick +44 (0)207 404 5959
Kate Holgate
Annabel Entress
  1. Week 1 sales (2008: £5.7m, 2009 £0.8m) excluded because of the impact arising from New Year's Day falling on different days of the week (Tuesday in 2008, Thursday in 2009) which meant not only were there two fewer days trading this year, but also that there were far fewer builders returning to work that week.
  2. Excluding depots opened in 2008

 

Interim Management Statement

30 April 2009

Galiform Plc, the owner of Howden Joinery, is today publishing its Interim Management Statement covering the first four trading periods of 2009.

Trading

The Board is pleased to report that the business has performed resiliently so far this year.

In the first four periods (16 weeks) of 2009, ending 18th April, Howden Joinery UK depot revenue (1) was down 8.8%, declining 10.3% on a same depot (2) basis. Trading conditions continue to be stable, with sales performance so far this year remaining on a par with that seen in the last three periods of 2008, when total sales fell by around 8%.

As previously indicated, we are seeing the impact of the weakening of the pound against the US dollar and euro. However, we have recently introduced a small price increase. At this stage, it should be noted that the price increase has only been in place for a short period and that over 70% of annual turnover typically occurs in the remainder of the year.

Business developments

The Group continues to proactively manage its 'legacy property' portfolio. Agreement has been reached with one landlord that will further reduce Galiform's financial exposure to properties that had until November 2008 been occupied by MFI Retail operations. In return for being released from all obligations in respect of the lease, Galiform has made a cash payment to the landlord totalling £0.5m, which is equivalent to less than twice the annual cost. This reduces the number of guaranteed properties to 38, the current net annual rent and rates of which total approximately £17.5m.

In the first half of the year, payments totalling less than £1m, primarily in respect of rent, are expected to be made to landlords of properties that had been occupied by Sofa Workshop for which Galiform was the guarantor of the leases.

Pensions

The triennial actuarial review of the Group's pension schemes as at 1 April 2008 that is being carried out on behalf of the trustees continues. Details of the outcome of this will be announced when the review is complete.

Other than as disclosed in this release, there have been no material changes to the financial position of the Group.

Half Yearly Report

Galiform will release its 2009 Half Yearly Financial Report on 22 July 2009.

Enquiries

Investors/analysts:
Gary Rawlinson
Head of Investor Relations +44 (0)207 535 1127
+44 (0)7989 397527
Media:
Brunswick +44 (0)207 404 5959
Kate Holgate
Annabel Entress
  1. Week 1 sales (2008: £5.7m, 2009 £0.8m) excluded because of the impact arising from New Year's Day falling on different days of the week (Tuesday in 2008, Thursday in 2009) which meant not only were there two fewer days trading this year, but also that there were far fewer builders returning to work that week.
  2. Excluding depots opened in 2008

 

Interim Management Statement

30 April 2009

Galiform Plc, the owner of Howden Joinery, is today publishing its Interim Management Statement covering the first four trading periods of 2009.

Trading

The Board is pleased to report that the business has performed resiliently so far this year.

In the first four periods (16 weeks) of 2009, ending 18th April, Howden Joinery UK depot revenue (1) was down 8.8%, declining 10.3% on a same depot (2) basis. Trading conditions continue to be stable, with sales performance so far this year remaining on a par with that seen in the last three periods of 2008, when total sales fell by around 8%.

As previously indicated, we are seeing the impact of the weakening of the pound against the US dollar and euro. However, we have recently introduced a small price increase. At this stage, it should be noted that the price increase has only been in place for a short period and that over 70% of annual turnover typically occurs in the remainder of the year.

Business developments

The Group continues to proactively manage its 'legacy property' portfolio. Agreement has been reached with one landlord that will further reduce Galiform's financial exposure to properties that had until November 2008 been occupied by MFI Retail operations. In return for being released from all obligations in respect of the lease, Galiform has made a cash payment to the landlord totalling £0.5m, which is equivalent to less than twice the annual cost. This reduces the number of guaranteed properties to 38, the current net annual rent and rates of which total approximately £17.5m.

In the first half of the year, payments totalling less than £1m, primarily in respect of rent, are expected to be made to landlords of properties that had been occupied by Sofa Workshop for which Galiform was the guarantor of the leases.

Pensions

The triennial actuarial review of the Group's pension schemes as at 1 April 2008 that is being carried out on behalf of the trustees continues. Details of the outcome of this will be announced when the review is complete.

Other than as disclosed in this release, there have been no material changes to the financial position of the Group.

Half Yearly Report

Galiform will release its 2009 Half Yearly Financial Report on 22 July 2009.

Enquiries

Investors/analysts:
Gary Rawlinson
Head of Investor Relations +44 (0)207 535 1127
+44 (0)7989 397527
Media:
Brunswick +44 (0)207 404 5959
Kate Holgate
Annabel Entress
  1. Week 1 sales (2008: £5.7m, 2009 £0.8m) excluded because of the impact arising from New Year's Day falling on different days of the week (Tuesday in 2008, Thursday in 2009) which meant not only were there two fewer days trading this year, but also that there were far fewer builders returning to work that week.
  2. Excluding depots opened in 2008

 

Interim Management Statement

30 April 2009

Galiform Plc, the owner of Howden Joinery, is today publishing its Interim Management Statement covering the first four trading periods of 2009.

Trading

The Board is pleased to report that the business has performed resiliently so far this year.

In the first four periods (16 weeks) of 2009, ending 18th April, Howden Joinery UK depot revenue (1) was down 8.8%, declining 10.3% on a same depot (2) basis. Trading conditions continue to be stable, with sales performance so far this year remaining on a par with that seen in the last three periods of 2008, when total sales fell by around 8%.

As previously indicated, we are seeing the impact of the weakening of the pound against the US dollar and euro. However, we have recently introduced a small price increase. At this stage, it should be noted that the price increase has only been in place for a short period and that over 70% of annual turnover typically occurs in the remainder of the year.

Business developments

The Group continues to proactively manage its 'legacy property' portfolio. Agreement has been reached with one landlord that will further reduce Galiform's financial exposure to properties that had until November 2008 been occupied by MFI Retail operations. In return for being released from all obligations in respect of the lease, Galiform has made a cash payment to the landlord totalling £0.5m, which is equivalent to less than twice the annual cost. This reduces the number of guaranteed properties to 38, the current net annual rent and rates of which total approximately £17.5m.

In the first half of the year, payments totalling less than £1m, primarily in respect of rent, are expected to be made to landlords of properties that had been occupied by Sofa Workshop for which Galiform was the guarantor of the leases.

Pensions

The triennial actuarial review of the Group's pension schemes as at 1 April 2008 that is being carried out on behalf of the trustees continues. Details of the outcome of this will be announced when the review is complete.

Other than as disclosed in this release, there have been no material changes to the financial position of the Group.

Half Yearly Report

Galiform will release its 2009 Half Yearly Financial Report on 22 July 2009.

Enquiries

Investors/analysts:
Gary Rawlinson
Head of Investor Relations +44 (0)207 535 1127
+44 (0)7989 397527
Media:
Brunswick +44 (0)207 404 5959
Kate Holgate
Annabel Entress
  1. Week 1 sales (2008: £5.7m, 2009 £0.8m) excluded because of the impact arising from New Year's Day falling on different days of the week (Tuesday in 2008, Thursday in 2009) which meant not only were there two fewer days trading this year, but also that there were far fewer builders returning to work that week.
  2. Excluding depots opened in 2008

 

Interim Management Statement

30 April 2009

Galiform Plc, the owner of Howden Joinery, is today publishing its Interim Management Statement covering the first four trading periods of 2009.

Trading

The Board is pleased to report that the business has performed resiliently so far this year.

In the first four periods (16 weeks) of 2009, ending 18th April, Howden Joinery UK depot revenue (1) was down 8.8%, declining 10.3% on a same depot (2) basis. Trading conditions continue to be stable, with sales performance so far this year remaining on a par with that seen in the last three periods of 2008, when total sales fell by around 8%.

As previously indicated, we are seeing the impact of the weakening of the pound against the US dollar and euro. However, we have recently introduced a small price increase. At this stage, it should be noted that the price increase has only been in place for a short period and that over 70% of annual turnover typically occurs in the remainder of the year.

Business developments

The Group continues to proactively manage its 'legacy property' portfolio. Agreement has been reached with one landlord that will further reduce Galiform's financial exposure to properties that had until November 2008 been occupied by MFI Retail operations. In return for being released from all obligations in respect of the lease, Galiform has made a cash payment to the landlord totalling £0.5m, which is equivalent to less than twice the annual cost. This reduces the number of guaranteed properties to 38, the current net annual rent and rates of which total approximately £17.5m.

In the first half of the year, payments totalling less than £1m, primarily in respect of rent, are expected to be made to landlords of properties that had been occupied by Sofa Workshop for which Galiform was the guarantor of the leases.

Pensions

The triennial actuarial review of the Group's pension schemes as at 1 April 2008 that is being carried out on behalf of the trustees continues. Details of the outcome of this will be announced when the review is complete.

Other than as disclosed in this release, there have been no material changes to the financial position of the Group.

Half Yearly Report

Galiform will release its 2009 Half Yearly Financial Report on 22 July 2009.

Enquiries

Investors/analysts:
Gary Rawlinson
Head of Investor Relations +44 (0)207 535 1127
+44 (0)7989 397527
Media:
Brunswick +44 (0)207 404 5959
Kate Holgate
Annabel Entress
  1. Week 1 sales (2008: £5.7m, 2009 £0.8m) excluded because of the impact arising from New Year's Day falling on different days of the week (Tuesday in 2008, Thursday in 2009) which meant not only were there two fewer days trading this year, but also that there were far fewer builders returning to work that week.
  2. Excluding depots opened in 2008

 

Interim Management Statement

30 April 2009

Galiform Plc, the owner of Howden Joinery, is today publishing its Interim Management Statement covering the first four trading periods of 2009.

Trading

The Board is pleased to report that the business has performed resiliently so far this year.

In the first four periods (16 weeks) of 2009, ending 18th April, Howden Joinery UK depot revenue (1) was down 8.8%, declining 10.3% on a same depot (2) basis. Trading conditions continue to be stable, with sales performance so far this year remaining on a par with that seen in the last three periods of 2008, when total sales fell by around 8%.

As previously indicated, we are seeing the impact of the weakening of the pound against the US dollar and euro. However, we have recently introduced a small price increase. At this stage, it should be noted that the price increase has only been in place for a short period and that over 70% of annual turnover typically occurs in the remainder of the year.

Business developments

The Group continues to proactively manage its 'legacy property' portfolio. Agreement has been reached with one landlord that will further reduce Galiform's financial exposure to properties that had until November 2008 been occupied by MFI Retail operations. In return for being released from all obligations in respect of the lease, Galiform has made a cash payment to the landlord totalling £0.5m, which is equivalent to less than twice the annual cost. This reduces the number of guaranteed properties to 38, the current net annual rent and rates of which total approximately £17.5m.

In the first half of the year, payments totalling less than £1m, primarily in respect of rent, are expected to be made to landlords of properties that had been occupied by Sofa Workshop for which Galiform was the guarantor of the leases.

Pensions

The triennial actuarial review of the Group's pension schemes as at 1 April 2008 that is being carried out on behalf of the trustees continues. Details of the outcome of this will be announced when the review is complete.

Other than as disclosed in this release, there have been no material changes to the financial position of the Group.

Half Yearly Report

Galiform will release its 2009 Half Yearly Financial Report on 22 July 2009.

Enquiries

Investors/analysts:
Gary Rawlinson
Head of Investor Relations +44 (0)207 535 1127
+44 (0)7989 397527
Media:
Brunswick +44 (0)207 404 5959
Kate Holgate
Annabel Entress
  1. Week 1 sales (2008: £5.7m, 2009 £0.8m) excluded because of the impact arising from New Year's Day falling on different days of the week (Tuesday in 2008, Thursday in 2009) which meant not only were there two fewer days trading this year, but also that there were far fewer builders returning to work that week.
  2. Excluding depots opened in 2008

 

Interim Management Statement

30 April 2009

Galiform Plc, the owner of Howden Joinery, is today publishing its Interim Management Statement covering the first four trading periods of 2009.

Trading

The Board is pleased to report that the business has performed resiliently so far this year.

In the first four periods (16 weeks) of 2009, ending 18th April, Howden Joinery UK depot revenue (1) was down 8.8%, declining 10.3% on a same depot (2) basis. Trading conditions continue to be stable, with sales performance so far this year remaining on a par with that seen in the last three periods of 2008, when total sales fell by around 8%.

As previously indicated, we are seeing the impact of the weakening of the pound against the US dollar and euro. However, we have recently introduced a small price increase. At this stage, it should be noted that the price increase has only been in place for a short period and that over 70% of annual turnover typically occurs in the remainder of the year.

Business developments

The Group continues to proactively manage its 'legacy property' portfolio. Agreement has been reached with one landlord that will further reduce Galiform's financial exposure to properties that had until November 2008 been occupied by MFI Retail operations. In return for being released from all obligations in respect of the lease, Galiform has made a cash payment to the landlord totalling £0.5m, which is equivalent to less than twice the annual cost. This reduces the number of guaranteed properties to 38, the current net annual rent and rates of which total approximately £17.5m.

In the first half of the year, payments totalling less than £1m, primarily in respect of rent, are expected to be made to landlords of properties that had been occupied by Sofa Workshop for which Galiform was the guarantor of the leases.

Pensions

The triennial actuarial review of the Group's pension schemes as at 1 April 2008 that is being carried out on behalf of the trustees continues. Details of the outcome of this will be announced when the review is complete.

Other than as disclosed in this release, there have been no material changes to the financial position of the Group.

Half Yearly Report

Galiform will release its 2009 Half Yearly Financial Report on 22 July 2009.

Enquiries

Investors/analysts:
Gary Rawlinson
Head of Investor Relations +44 (0)207 535 1127
+44 (0)7989 397527
Media:
Brunswick +44 (0)207 404 5959
Kate Holgate
Annabel Entress
  1. Week 1 sales (2008: £5.7m, 2009 £0.8m) excluded because of the impact arising from New Year's Day falling on different days of the week (Tuesday in 2008, Thursday in 2009) which meant not only were there two fewer days trading this year, but also that there were far fewer builders returning to work that week.
  2. Excluding depots opened in 2008

 

Interim Management Statement

30 April 2009

Galiform Plc, the owner of Howden Joinery, is today publishing its Interim Management Statement covering the first four trading periods of 2009.

Trading

The Board is pleased to report that the business has performed resiliently so far this year.

In the first four periods (16 weeks) of 2009, ending 18th April, Howden Joinery UK depot revenue (1) was down 8.8%, declining 10.3% on a same depot (2) basis. Trading conditions continue to be stable, with sales performance so far this year remaining on a par with that seen in the last three periods of 2008, when total sales fell by around 8%.

As previously indicated, we are seeing the impact of the weakening of the pound against the US dollar and euro. However, we have recently introduced a small price increase. At this stage, it should be noted that the price increase has only been in place for a short period and that over 70% of annual turnover typically occurs in the remainder of the year.

Business developments

The Group continues to proactively manage its 'legacy property' portfolio. Agreement has been reached with one landlord that will further reduce Galiform's financial exposure to properties that had until November 2008 been occupied by MFI Retail operations. In return for being released from all obligations in respect of the lease, Galiform has made a cash payment to the landlord totalling £0.5m, which is equivalent to less than twice the annual cost. This reduces the number of guaranteed properties to 38, the current net annual rent and rates of which total approximately £17.5m.

In the first half of the year, payments totalling less than £1m, primarily in respect of rent, are expected to be made to landlords of properties that had been occupied by Sofa Workshop for which Galiform was the guarantor of the leases.

Pensions

The triennial actuarial review of the Group's pension schemes as at 1 April 2008 that is being carried out on behalf of the trustees continues. Details of the outcome of this will be announced when the review is complete.

Other than as disclosed in this release, there have been no material changes to the financial position of the Group.

Half Yearly Report

Galiform will release its 2009 Half Yearly Financial Report on 22 July 2009.

Enquiries

Investors/analysts:
Gary Rawlinson
Head of Investor Relations +44 (0)207 535 1127
+44 (0)7989 397527
Media:
Brunswick +44 (0)207 404 5959
Kate Holgate
Annabel Entress
  1. Week 1 sales (2008: £5.7m, 2009 £0.8m) excluded because of the impact arising from New Year's Day falling on different days of the week (Tuesday in 2008, Thursday in 2009) which meant not only were there two fewer days trading this year, but also that there were far fewer builders returning to work that week.
  2. Excluding depots opened in 2008

 

Interim Management Statement

30 April 2009

Galiform Plc, the owner of Howden Joinery, is today publishing its Interim Management Statement covering the first four trading periods of 2009.

Trading

The Board is pleased to report that the business has performed resiliently so far this year.

In the first four periods (16 weeks) of 2009, ending 18th April, Howden Joinery UK depot revenue (1) was down 8.8%, declining 10.3% on a same depot (2) basis. Trading conditions continue to be stable, with sales performance so far this year remaining on a par with that seen in the last three periods of 2008, when total sales fell by around 8%.

As previously indicated, we are seeing the impact of the weakening of the pound against the US dollar and euro. However, we have recently introduced a small price increase. At this stage, it should be noted that the price increase has only been in place for a short period and that over 70% of annual turnover typically occurs in the remainder of the year.

Business developments

The Group continues to proactively manage its 'legacy property' portfolio. Agreement has been reached with one landlord that will further reduce Galiform's financial exposure to properties that had until November 2008 been occupied by MFI Retail operations. In return for being released from all obligations in respect of the lease, Galiform has made a cash payment to the landlord totalling £0.5m, which is equivalent to less than twice the annual cost. This reduces the number of guaranteed properties to 38, the current net annual rent and rates of which total approximately £17.5m.

In the first half of the year, payments totalling less than £1m, primarily in respect of rent, are expected to be made to landlords of properties that had been occupied by Sofa Workshop for which Galiform was the guarantor of the leases.

Pensions

The triennial actuarial review of the Group's pension schemes as at 1 April 2008 that is being carried out on behalf of the trustees continues. Details of the outcome of this will be announced when the review is complete.

Other than as disclosed in this release, there have been no material changes to the financial position of the Group.

Half Yearly Report

Galiform will release its 2009 Half Yearly Financial Report on 22 July 2009.

Enquiries

Investors/analysts:
Gary Rawlinson
Head of Investor Relations +44 (0)207 535 1127
+44 (0)7989 397527
Media:
Brunswick +44 (0)207 404 5959
Kate Holgate
Annabel Entress
  1. Week 1 sales (2008: £5.7m, 2009 £0.8m) excluded because of the impact arising from New Year's Day falling on different days of the week (Tuesday in 2008, Thursday in 2009) which meant not only were there two fewer days trading this year, but also that there were far fewer builders returning to work that week.
  2. Excluding depots opened in 2008

 

Interim Management Statement

30 April 2009

Galiform Plc, the owner of Howden Joinery, is today publishing its Interim Management Statement covering the first four trading periods of 2009.

Trading

The Board is pleased to report that the business has performed resiliently so far this year.

In the first four periods (16 weeks) of 2009, ending 18th April, Howden Joinery UK depot revenue (1) was down 8.8%, declining 10.3% on a same depot (2) basis. Trading conditions continue to be stable, with sales performance so far this year remaining on a par with that seen in the last three periods of 2008, when total sales fell by around 8%.

As previously indicated, we are seeing the impact of the weakening of the pound against the US dollar and euro. However, we have recently introduced a small price increase. At this stage, it should be noted that the price increase has only been in place for a short period and that over 70% of annual turnover typically occurs in the remainder of the year.

Business developments

The Group continues to proactively manage its 'legacy property' portfolio. Agreement has been reached with one landlord that will further reduce Galiform's financial exposure to properties that had until November 2008 been occupied by MFI Retail operations. In return for being released from all obligations in respect of the lease, Galiform has made a cash payment to the landlord totalling £0.5m, which is equivalent to less than twice the annual cost. This reduces the number of guaranteed properties to 38, the current net annual rent and rates of which total approximately £17.5m.

In the first half of the year, payments totalling less than £1m, primarily in respect of rent, are expected to be made to landlords of properties that had been occupied by Sofa Workshop for which Galiform was the guarantor of the leases.

Pensions

The triennial actuarial review of the Group's pension schemes as at 1 April 2008 that is being carried out on behalf of the trustees continues. Details of the outcome of this will be announced when the review is complete.

Other than as disclosed in this release, there have been no material changes to the financial position of the Group.

Half Yearly Report

Galiform will release its 2009 Half Yearly Financial Report on 22 July 2009.

Enquiries

Investors/analysts:
Gary Rawlinson
Head of Investor Relations +44 (0)207 535 1127
+44 (0)7989 397527
Media:
Brunswick +44 (0)207 404 5959
Kate Holgate
Annabel Entress
  1. Week 1 sales (2008: £5.7m, 2009 £0.8m) excluded because of the impact arising from New Year's Day falling on different days of the week (Tuesday in 2008, Thursday in 2009) which meant not only were there two fewer days trading this year, but also that there were far fewer builders returning to work that week.
  2. Excluding depots opened in 2008

 

Interim Management Statement

30 April 2009

Galiform Plc, the owner of Howden Joinery, is today publishing its Interim Management Statement covering the first four trading periods of 2009.

Trading

The Board is pleased to report that the business has performed resiliently so far this year.

In the first four periods (16 weeks) of 2009, ending 18th April, Howden Joinery UK depot revenue (1) was down 8.8%, declining 10.3% on a same depot (2) basis. Trading conditions continue to be stable, with sales performance so far this year remaining on a par with that seen in the last three periods of 2008, when total sales fell by around 8%.

As previously indicated, we are seeing the impact of the weakening of the pound against the US dollar and euro. However, we have recently introduced a small price increase. At this stage, it should be noted that the price increase has only been in place for a short period and that over 70% of annual turnover typically occurs in the remainder of the year.

Business developments

The Group continues to proactively manage its 'legacy property' portfolio. Agreement has been reached with one landlord that will further reduce Galiform's financial exposure to properties that had until November 2008 been occupied by MFI Retail operations. In return for being released from all obligations in respect of the lease, Galiform has made a cash payment to the landlord totalling £0.5m, which is equivalent to less than twice the annual cost. This reduces the number of guaranteed properties to 38, the current net annual rent and rates of which total approximately £17.5m.

In the first half of the year, payments totalling less than £1m, primarily in respect of rent, are expected to be made to landlords of properties that had been occupied by Sofa Workshop for which Galiform was the guarantor of the leases.

Pensions

The triennial actuarial review of the Group's pension schemes as at 1 April 2008 that is being carried out on behalf of the trustees continues. Details of the outcome of this will be announced when the review is complete.

Other than as disclosed in this release, there have been no material changes to the financial position of the Group.

Half Yearly Report

Galiform will release its 2009 Half Yearly Financial Report on 22 July 2009.

Enquiries

Investors/analysts:
Gary Rawlinson
Head of Investor Relations +44 (0)207 535 1127
+44 (0)7989 397527
Media:
Brunswick +44 (0)207 404 5959
Kate Holgate
Annabel Entress
  1. Week 1 sales (2008: £5.7m, 2009 £0.8m) excluded because of the impact arising from New Year's Day falling on different days of the week (Tuesday in 2008, Thursday in 2009) which meant not only were there two fewer days trading this year, but also that there were far fewer builders returning to work that week.
  2. Excluding depots opened in 2008

 

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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.
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Our depots

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Sustainability

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.
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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.
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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.