sp been rising 2010 and up 14% today on better than-expected results . . . the MMs must be expecting fools to rush in...yet Sells are massivly above Buys - will it end in tears, or are Dirs buying at these highs? All rather surprising as I'd expect Kitchen-sales are all done(when money was cheap up to 2008), and if you are trying to save money - you don't splash out on something you don't need.

I mean - howden does a kitchen "wear out"? - ho - ho!

SEE WHAT YOU MEAN 120p

Opened a long here, chart looks oversold in the near term.

A proper chart. HWDN looks like it could be on the recovery here, SP target high of the year first stop.

Moving up nicely today and little wonder , way undervalued on prospective P/E of just over 7 to 2012......

Howden Joinery Group PLC

FORECASTS 2011 2012
Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Panmure Gordon
16-03-11 BUY 105.00 11.70 2.00 111.00 12.40 2.60
Shore Capital
11-03-11 BUY 105.00 11.80
Numis Securities Ltd
04-03-11 HOLD 106.00 11.70 2.00 113.50 12.50 3.00
Execution Noble
04-03-11 BUY 110.00 11.90 2.00 119.40 13.00 3.20
Singer Capital Markets Ltd
03-03-11 BUY 112.00 12.80 124.50 14.20 5.70
Investec Securities
02-03-11 HOLD 105.96 11.52 2.50 112.96 12.28 3.50

2011 2012
Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Consensus 107.43 11.92 2.11 116.49 12.90 3.62
1 Month Change 0.30 -0.06 -0.13 -0.47 -0.17 0.16
3 Month Change 9.10 0.97 0.11 9.47 1.04 0.74


GROWTH
2010 (A) 2011 (E) 2012 (E)

Norm. EPS 29.86% 10.34% 8.28%
DPS % % 71.43%

INVESTMENT RATIOS
2010 (A) 2011 (E) 2012 (E)

EBITDA m 132.58m 140.22m
EBIT m 113.65m 121.95m
Dividend Yield 0.00% 2.09% 3.58%
Dividend Cover x 5.64x 3.56x
PER 9.36x 8.48x 7.84x
PEG 0.31f 0.82f 0.95f
Net Asset Value PS p p p

HWDN Howden Joinery....

Worth noting the latest Broker figures for this company and reckon they will be beaten easily.

Date Broker name New Price Old price target New price target Broker change

25-Feb-11 Panmure Gordon Buy 115.90p 129.00p - Reiteration

10-Feb-11 Singer Capital Markets Buy 124.00p - 150.00p New Coverage

Remember a forward P/E of just over 7 to 2012. Derd cheap.

FLASH: Howden Joinery upgraded to add from hold at Numis
10:55 21/03/2011 125p SP target.

Interesting article from a couple of weeks back. Havent seen this before.....

Howden says has recipe for kitchen sales growth
By James Davey) - Kitchen supplier Howden Joinery

said it was confident of winning more market share in 2011 as its business model focussed on small builders makes the best of a tough market.
Comment....232470 The firm, which supplies kitchen units to over 200,000 small builders from 489 UK depots, on Thursday beat forecasts with a 47 percent rise in 2010 profit.

It said current trading was robust and outlined a plan to resume dividends in the current year, disappointing those who had hoped for a payout on last year's profit.

"The market, the way it's shaping in its complexity with peoples' requirements for a working kitchen, is moving our way," Chief Executive Matthew Ingle, who founded Howden Joinery in 1995, told Reuters.

"Are we immune from a downturn? No we are not, but we have access to more of the markets doing it our way than I think perhaps people are aware of," he said.

Ingle's confidence is underscored by the firm's successful navigation of the 2008 retail downturn, its healthy exposure to public and private landlords remedial work and the "improve not move" phenomenon, and the fact that 200 of its depots are still to fully mature.

He now believes there is scope for 650 UK depots, up from previous guidance of 600, and is opening 30 depots a year.

Howden Joinery, which emerged from the old MFI Furniture business, ended the year with net cash of 35 million pounds ($57 million) and intends to pay a dividend in the current year, subject to the continued progress of the group.

Prior to Thursday's update, shares in the firm had leapt 73 percent over the last six months as it traded well and property liabilities relating to its previous ownership of MFI were mitigated.

The stock was down 3.8 percent at 112 pence at 11:58 a.m., valuing the business at about 705 million pounds, reflecting the fact that it had held back from paying a dividend for 2010.

"Unless the market takes a slump backwards again, there would appear to be scope for upgrades as the year advances," said Singer Capital Markets analyst Matthew McEachran, noting some investors had booked profits on Thursday.

Howden Joinery, which competes with firm's such as Magnet , Wickes , B&Q and Homebase , made a pretax profit of 100.9 million pounds in 2010.

That compares with analysts' average forecast of 98.4 million pounds, according to Thomson Reuters I/B/E/S and 68.7 million pounds made in 2009.

Group revenue increased 5 percent to 807.9 million pounds, with sales at UK depots open more than a year up 3.6 percent and gross margins rising 3.6 percentage points to 59.8 percent.

The firm said UK depot revenue in the first two months of 2011 increased 11.6 percent on a same depot basis, although the outcome was flattered by a snow-impacted comparative last year.

(Editing by Jane Merriman and Will Waterman)

http://news.stv.tv/business/232470-howden-says-has-recipe-for-kitchen-sales-growth/

Citigroup upgrade Buy TP raised from 125.00 to 140.00p

Preliminary Results

Financial results (continuing operations1)

The information presented here relates to the 53 weeks to 29 December 2012 and the 52 weeks to 24 December 2011, unless otherwise stated. The inclusion of a 53rd week in 2012 (23 - 29 December) had no impact on revenue, as the business did not trade that week. It is estimated to have increased operating costs by around £5m, reducing 2012 operating profit and profit before tax by the same amount, and reducing profit after tax by around £4m.

· Howden Joinery UK depot revenue increased by 4.0% to £872.5m (up 1.9% on same depot basis). Group revenue was £887.1m (2011: £853.8m);

· Gross profit margin increased to 61.5% (2011: 59.7%);

· Operating profit rose from £115.3m to £119.8m;

· Profit before tax increased to £112.1m (2011: £111.0m), the net interest charge rising by £3.4m (due to a rise in the pensions finance expense);

· Basic earnings per share increased from 13.5p to 14.0p;

· Net cash of £96.4m at year-end (24 December 2011: £57.1m net cash);

· Full year dividend for 2012 of 3p per share (2011: 0.5p).

1 These comments all relate to continuing operations. There was a loss before tax from discontinued operations of £4.4m in 2012 (2011: £9.3m), arising from the closure of two non-core support businesses. Profit before tax from continuing and discontinued operations was £107.7m (2011: £101.7m).

Business developments

· Investment in the future growth of the business continues:

- 20 new depots opened in 2012, bringing total to 529;

- capital expenditure totalled £24.2m;

- £16m investment in operating costs to support growth, including marketing initiatives and a revised regional and area structure, within which our depots are managed;

· Leases on five legacy properties terminated in 2012, and two 'early releases' since then, bringing total remaining to 14.

Current trading

· Howden Joinery UK depot revenue in the first two periods of 2013 rose by 17%, reflecting additional week of trading and timing of price increase - expect growth to normalise through coming periods;

· Our outlook for the business remains unchanged, with the Group well placed to respond to the ongoing challenging conditions.

Canaccord Genuity Buy 231.45 229.30 174.00 305.00 Upgrades

MIDAS SHARE TIPS: Kitchen firm sets its sights on huge expansion drive



By Joanne Hart

PUBLISHED:22:19, 23 March 2013| UPDATED:22:19, 23 March 2013




Howden Joinery was set up in 1995 by Matthew Ingle. Impressively, he is still at the helm today, having built the business up from nothing into a company worth almost £1.5 billion.


The group sells kitchens and joinery to small builders across the country. It has made great strides in recent years, but there is plenty more growth to come and the shares, now 235p, should benefit.


Howden sells only to tradesmen and prides itself on developing long-term relationships with customers by offering good service, loyalty discounts and plenty of stock to choose from. The group has about 530 depots in Britain but Ingle believes there is scope for up to 700 and intends to open between 20 and 30 new sites over the next year alone.



Counter culture: Sales are thriving as Matthew Ingle lets depot heads make real decisions
------------------------------------------------------------------------------------------------



This should ensure the company continues to grow, even if the Chancellor’s attempts to kick-start the economy fall short of his expectations. Howden has managed to improve its results through the downturn and recently announced a slight lift in profits to £112 million for 2012 and a massive jump in the dividend from 0.5p to 3p.


The company’s resilience in the face of a tough housing market is notable and stems largely from an exceptionally entrepreneurial culture, where depot managers make their own decisions and really work hard to find new customers.

Howden also benefits from making about a third of the products it sells, producing kitchen cabinets and workshops in factories in Runcorn, Cheshire, and Howden, East Yorkshire. The rest of its goods come from around the world, but most of its suppliers are based in Britain and the Continent.


Last year, Howden supplied 270,000 builders with 3.5 million kitchen cabinets, two million doors and 350,000 complete kitchens. The company hopes to increase these figures substantially over the next few years and is actively working on new designs to entice builders and their customers.


Howden is also expected to deliver growth as it opens new depots and increases customer numbers. Interestingly, too, depots take about seven years to reach full potential and around a third are newer than this, so they should deliver steady sales growth over the next few years.


Howden was once part of MFI and after that collapsed, Ingle was left with numerous retail properties and a large pension deficit. Fortunately, most of the properties have been sold and the deficit is under control, allowing the company to focus firmly on the future. The group also has a small but profitable division in France.


Brokers forecast profits of about £118 million this year and a dividend of at least 4.5p. There is also scope for special dividends in years to come, as Howden generates plenty of money and is keen to return surplus cash to investors.


Midas verdict: Howden Joinery is a well-run business that has managed to grow even when the housing market has been on its knees. At 235p, the shares offer long-term value and the possibility of a special dividend adds spice.

As of Mar 15, 2013, the consensus forecast amongst 12 polled investment analysts covering Howden Joinery Group Plc advises that the company will outperform the market. This has been the consensus forecast since the sentiment of investment analysts improved on Mar 01, 2013. The previous consensus forecast advised investors to hold their position in Howden Joinery Group Plc.

Just read in IC - Howden Joinery has taken 25% of market share since it started in 1995. Its main competitor Magnet is struggling and losing market share.

it seems to me that howdens have a somewhat different market from magnet ..... magnet have showrooms so can show the homeowner (retail) how things look .... howdens save money by having simple design studios in their warehouses ..... they look to work more with builders/designers (trade) who will build a bespoke kitchen albeit for the lower/middle market .... for all that, i think howdens looks an excellent company who have worked out how to maximise profits by minimising costs (expensive showrooms)

Howden upgraded by Canaccord Genuity
22nd March 2013, 14:18

Canaccord Genuity has upgraded its recommendation on Howden Joinery [LON:HWDN] to ‘buy’ from ‘hold’ in a note to clients today.

The City broker has increased its price target by 75 per cent to 305 pence per share (previously 175 pence).

Separately, Jefferies increased its price target to 200 pence a share from 160 pence and restated its ‘hold’ call on the stock in a research note issued on Wednesday, March 20th.

Shares in Howden Have increased in value by nearly 20 per cent in the past month.

Broker Forecasts consensus data shows that 60 per cent of brokers now have a ‘buy’ (or equivalent) rating on Howden while 10 per cent rate the shares as a ‘sell’.

At 2:16pm: Howden Joinery share price was up 4 pence at 233.3 pence.

MIDAS tips HOWDEN JOINERY

http://www.thisismoney.co.uk/money/investing/article-2298116/MIDAS-SHARE-TIPS-Kitchen-firm-sets-sights-huge-expansion-drive.html

i wonder if HWDN is included in the HG+HC Index - WOS must surely be

==================

keep a note - figures due 26 april
look for t/o £887m (2011 - £854m) with commensurate increase in profit, though that may be pegged back in % terms by necessary capital and other expenditure

with WOS being walloped - it found sales for kitchens (and bathrooms) badly hit - it would have been reasonable for HWDN to have at least ticked lower ...... not so

No quality company.

Looking to test the highs again (triple top ?)

Trading Statement 2nd May.

Nice work if you can get it!

Notification of Transaction in Shares

Howden Joinery Group PLC (HWDN:LSE) set a new 52-week high during today's trading session when it reached 248.16. Over this period, the share price is up 107.63%.

Howden Joinery Group PLC (HWDN:LSE) set a new 52-week high during today's trading session when it reached 251.00. Over this period, the share price is up 101.79%.

Interim Management Statement

Howden Joinery Group Plc ('the Group') is today publishing its Interim Management Statement covering the year to date. Trading information is in relation to the first four periods of 2013 (to 20 April 2013).

The Board is pleased with performance so far this year, which has seen further solid trading in line with our expectations, whilst remaining cautious about the outlook for the rest of the year, given the prevailing economic environment.

Trading

In the first four periods (16 weeks) of 2013, Howden Joinery UK revenue was up 9.3% on the corresponding periods last year, increasing by 7.6% 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 three periods since then increased by 4.1%, there being no distorting factors.

The gross profit margin performance is in line with market expectations for the full year 1.

Note 1: Currently, most analysts are believed to be expecting gross margin to be between 60.5% and 61.5%.

Business developments

We are currently planning to open around 20 to 30 new depots this year. With one new depot having been opened so far, Howden Joinery is now trading from 530 depots in the UK.

We are continually seeking opportunities to improve the performance of our business operations. To this end, we have reconfigured our transport operations to better reflect the geographical mix of our sales in the UK and improve service to our depots. This will result in an exceptional charge and cash cost in respect of continuing operations in the first half of 2013 of about £5m. These changes will deliver a number of important service and operational improvements.

There have been no 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 herein.

Next scheduled announcement

The Group will release its 2013 Half Yearly Report on 25 July 2013.

JP Morgan Cazenove Overweight 245.70 245.70 211.00 251.00 Reiterates

i think i had a little dabble in/out around march/april, but certainly i bought back in at end april, since when they have been ticking away very nicely thank you :-)

L&G (From 4% to 3%)

Another one I sold too early , I'll get the hang of this one day.

Half Yearly report

· 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.

Numis Add 290.25 288.50 265.00 325.00 Retains

N+1 Singer Buy 282.70 282.70 275.00 310.00 Upgrades

BlackRock < 10%

i see i took profits at 276 at the back end of july, but it remains a damn good company ..... meanwhile, i have been trying not to lose my shirt in this sector with HG+HC Index (NMX 3720)

chart is looking very interesting with sp once again challenging all time high

Ex dividend 23rd October -1.0p.

Interim Management Statement

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.

Trading

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.

Business developments

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.

HWDN 06 Nov 2013 Howden Joinery HWDN N+1 Singer Buy 325.70 320.50 355.00 355.00 Reiterates 355p SP Target.

06 Nov 2013 Howden Joinery HWDN Numis Add 325.70 320.50 325.00 370.00 Retains

SP TARGET 370p

Broker Starts coverage.....

07 Nov 2013 Howden Joinery HWDN Beaufort Securities Hold 326.85 327.30 - - Initiates/Starts

Howden Joinery Group Now Covered by Analysts at Beaufort Securities (HWDN)
Posted by John Perry on Nov 7th, 2013

Beaufort Securities began coverage on shares of Howden Joinery Group (LON:HWDN) in a research note issued on Thursday, Analyst Ratings.Net reports. The firm set a “hold” rating on the stock.

Other equities research analysts have also recently issued reports about the stock. Analysts at Numis Securities Ltd raised their price target on shares of Howden Joinery Group from GBX 325 ($5.21) to GBX 370 ($5.93) in a research note to investors on Wednesday. They now have an “add” rating on the stock. Separately, analysts at Nplus1 Brewin reiterated a “buy” rating on shares of Howden Joinery Group in a research note to investors on Wednesday. They now have a GBX 355 ($5.69) price target on the stock. Finally, analysts at N+1 Singer reiterated a “buy” rating on shares of Howden Joinery Group in a research note to investors on Wednesday. They now have a GBX 355 ($5.69) price target on the stock. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of GBX 291.04 ($4.67).

Howden Joinery Group (LON:HWDN) opened at 328.30 on Thursday. Howden Joinery Group has a 52-week low of GBX 158.70 and a 52-week high of GBX 330.20. The stock’s 50-day moving average is GBX 304.3 and its 200-day moving average is GBX 273.7.

Howden Joinery Group Plc, along with its subsidiaries, is engaged in the sale of kitchens and joinery products, along with the associated procurement, manufacture and distribution of these products.

HWDN Berenberg Buy 320.70 320.70 - 390.00 Initiates/Starts

Blackrock > 10%

Final Results

Financial results (continuing operations)

The information presented here relates to the 52 weeks to 28 December 2013 and the 53 weeks to 29 December 2012, unless otherwise stated. The inclusion of a 53rd week in 2012 (23 - 29 December) had no impact on revenue, as the business did not trade that week. It is estimated to have increased operating costs by around £5m, reducing 2012 operating profit and profit before tax by the same amount, and reducing profit after tax by around £4m.

· Howden Joinery UK depot revenue increased by 7.8% to £940.7m (up 5.6% on same depot basis), growing around 10% in the second half of the year. Group revenue was £956.5m (2012: £887.1m);

· Gross profit margin was 61.7% (2012: 61.5%);

· Operating profit pre exceptional items rose from £119.8m to £142.5m;

· Profit before tax and exceptional items increased to £138.4m (2012: £112.1m), the net interest charge falling by £3.6m (due to a decrease in the pensions finance expense);

· Basic earnings per share pre exceptional items increased from 14.0p to 16.3p;

· Net cash of £140.5m at year-end (29 December 2012: £96.4m net cash);

· Final dividend of 4.5p recommended, giving full year dividend of 5.5p per share (2012: 3p).

Business developments

· Investment in the future growth of the business continues:

- 30 new depots opened in 2013, bringing total to 559;

- capital expenditure totalled £24.7m: two-year programme of investment in our two manufacturing sites completed, 'virtual showroom' implemented in over half of depots;

· Leases on seven legacy properties terminated in 2013, and one 'early release' since then, bringing total remaining to eight.

Current trading

· Howden Joinery UK depot revenue in the first two periods of 2014 rose by 7.3%, in line with our expectations;

· Our outlook for the business for 2014 remains unchanged.

Interim Management Statement

Howden Joinery Group Plc ('the Group') is today publishing its Interim Management Statement covering the year to date. Trading information is in relation to the first four periods of 2014 (to 19 April 2014).

Performance so far this year is in line with our expectations, with the improved market conditions seen since last summer continuing.

In the first four periods (16 weeks) of 2014, Howden Joinery UK revenue was up 11.2% on the corresponding periods last year, increasing by 8.5% on a same depot basis.

We are currently planning to open 30 new depots this year. With 6 new depots having been opened so far, Howden Joinery is now trading from 565 depots in the UK.

There have been no 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 herein.

Next scheduled announcement

The Group will release its 2014 Half Yearly Report on 24 July 2014.

ORGANISATIONAL CHANGES

In the 18 years since it opened its first depots, Howdens Joinery has grown to become the leading supplier of kitchens in the UK, with over 550 depots and turnover approaching £1bn, its success being based on the consistent execution of a unique business model.

As the economy recovers, and with significant opportunities to continue to grow the business profitably, the Group has been undertaking a review of its organisation structure and capabilities.

As a result of this review, which included input from independent, external advisors, the Board is pleased to announce the appointment of Mark Robson as Deputy Chief Executive with immediate effect. Mark will now be responsible for the day-to-day management of the business in addition to keeping his role as Chief Financial Officer. He will be supported by Rob Fenwick, who spearheaded the reconstruction of Howdens supply operations from 2005 and continues to lead the supply division, and Andy Witts, a co-founder of the business and leader of the depot management team.

Theresa Keating, currently Group Financial Controller and a member of the Executive Committee, will take on additional responsibilities in the finance area and is appointed Finance Director, which is not a Board position.

Caroline Bishop, Company Secretary and COO: Product Commerciality, Communications and Governance, will leave the business. Forbes McNaughton, currently Deputy Company Secretary, will take on the role of Company Secretary with immediate effect.

Matthew Ingle continues in his role as Chief Executive and will focus on the continued development and implementation of the successful Group strategy, ensuring that the culture and the values of the business continue to underpin the Group's success as it grows.

Commenting on these appointments, Will Samuel, Chairman, said:

"Howdens is a very successful company, and much of its success is due to its management culture and business model. As part of the continuing development of the company we are putting in place these changes to enable its further growth and development and to ensure its ongoing success."

Matthew Ingle, CEO, said:

"We are very fortunate to have such a talented group of people throughout the organisation. Following the review I am delighted that Mark Robson is appointed Deputy Chief Executive. Mark has been at Howdens for just over nine years as CFO and has a deep understanding of the business both operationally and financially. He will be supported by an extremely experienced team led by Rob Fenwick, who has been in charge of our supply chain for nearly ten years, and by Andy Witts, a key figure in the development of Howdens since the very beginning.

"Theresa Keating has been with the Group for more than 14 years and became Group Financial Controller in 2007. During her time with the Group she has ably demonstrated her considerable financial skills.

"We would like to thank Caroline Bishop for her valuable contribution, both as Company Secretary and more broadly as our business has grown.

"Mark and I are looking forward to leading the next phase in the development of Howdens."

N+1 Singer Buy 319.95 321.00 415.00 415.00 Reiterates

Overdone on Carney's speech?

Nice bounce off of 290p.

Still on the up on a down day.

Thank you Mr Carney.

N+1 Singer Buy 314.50 - - Reiterates

Citigroup Neutral 314.50 365.00 365.00 Retains

Half Yearly Report

Financial results (continuing operations)1

· Howden Joinery UK depot revenue increased by 11.6% to £428.2m (up 8.7% on a same depot basis). Group revenue was £435.4m (2013: £390.8m);

· Gross profit margin was 63.2% (2013: 61.5%);

· Operating profit rose to £57.6m (2013: £44.2m);

· Profit before tax increased to £57.2m (2013: £41.6m);

· Basic earnings per share increased to 6.6p (2013: 4.8p);

· Net cash of £161.1m at 14 June 2014 (28 December 2013: £140.5m net cash,
15 June 2013: £102.0m net cash);

· Interim dividend of 1.9p per share declared (2013: 1.0p).

Business developments

· We continue to invest in future growth across the whole business:

- in line with our plans, 17 new UK depots opened so far in 2014, bringing total to 576;

- capital expenditure totalled £17.2m (2013: £8.8m), reflecting increased investment in depots.

Current trading and outlook

· Howden Joinery UK depot revenue increased by 14.0% in the first four week period of the second half of the year;

· The Board is pleased with the good first half performance and, while we still have our important "Period 11" to come and face risks to gross margin from exchange rates and cost inflation, the Group is well placed to achieve its expectations for the full year.

1. 2013 comparatives exclude exceptional items.

N+1 Singer Buy 341.75 415.00 415.00 Reiterates

Jefferies International Underperform 364.90 364.90 - 233.00 Retains

Canaccord Genuity Buy 352.80 364.90 305.00 410.00 Reiterates

Numis Add 352.80 364.90 385.00 385.00 Retains

SB long @ 336p interim 13th November.

LATEST BROKER VIEWS

Date Broker New target Recomm.
23 Oct Berenberg 420.00 Buy

Tell you what Cynic lets trash this thread now like you and the boys have trashed the chart thread, lets all have a bit of fun.........

aldwickk View aldwickk's profile - 24 Oct 2014 12:21 - 2232 of 2235

Been headhunted aswel Zak Mir ...Tips TV, Jim Mellon....T1PS, Tom Winnifrith......shareprophets/Clem Chambers, iii have all asked if I was available to do a piece/column for them.

Under what name ? You have so many to choose from
goldfinger Send an email to goldfinger View goldfinger's profile - 24 Oct 2014 12:29 - 2233 of 2235 edit this post

Whats your point alders?
doodlebug4 - 24 Oct 2014 12:32 - 2234 of 2235

Lol, aldwickk! That's a very good point - rumour is that it's going to be WalterMitty.
cynic Send an email to cynic View cynic's profile - 24 Oct 2014 12:42 - 2235 of 2235

i like dd4 .... let's hope sticky doesn't get the hump at that jolly jape

looks like a very subdued day all round .... i suspect ev dow will be range bound between about 16,600 and 16,700, or 16,750 at a push

Tell you what Cynic lets trash this thread now like you and the boys have trashed the chart thread, lets all have a bit of fun.........

aldwickk View aldwickk's profile - 24 Oct 2014 12:21 - 2232 of 2235

Been headhunted aswel Zak Mir ...Tips TV, Jim Mellon....T1PS, Tom Winnifrith......shareprophets/Clem Chambers, iii have all asked if I was available to do a piece/column for them.

Under what name ? You have so many to choose from
goldfinger Send an email to goldfinger View goldfinger's profile - 24 Oct 2014 12:29 - 2233 of 2235 edit this post

Whats your point alders?
doodlebug4 - 24 Oct 2014 12:32 - 2234 of 2235

Lol, aldwickk! That's a very good point - rumour is that it's going to be WalterMitty.
cynic Send an email to cynic View cynic's profile - 24 Oct 2014 12:42 - 2235 of 2235

i like dd4 .... let's hope sticky doesn't get the hump at that jolly jape

looks like a very subdued day all round .... i suspect ev dow will be range bound between about 16,600 and 16,700, or 16,750 at a push

Tell you what Cynic lets trash this thread now like you and the boys have trashed the chart thread, lets all have a bit of fun.........

aldwickk View aldwickk's profile - 24 Oct 2014 12:21 - 2232 of 2235

Been headhunted aswel Zak Mir ...Tips TV, Jim Mellon....T1PS, Tom Winnifrith......shareprophets/Clem Chambers, iii have all asked if I was available to do a piece/column for them.

Under what name ? You have so many to choose from
goldfinger Send an email to goldfinger View goldfinger's profile - 24 Oct 2014 12:29 - 2233 of 2235 edit this post

Whats your point alders?
doodlebug4 - 24 Oct 2014 12:32 - 2234 of 2235

Lol, aldwickk! That's a very good point - rumour is that it's going to be WalterMitty.
cynic Send an email to cynic View cynic's profile - 24 Oct 2014 12:42 - 2235 of 2235

i like dd4 .... let's hope sticky doesn't get the hump at that jolly jape

looks like a very subdued day all round .... i suspect ev dow will be range bound between about 16,600 and 16,700, or 16,750 at a push

StockMarketWire.com

Howden Joinery Group expects profit before tax for the year to be above the range of market forecasts.

But it says that it should be noted that the two remaining trading periods together typically account for over 10% of annual revenues.

The board says the group has seen a good sales performance throughout the second half of the year, including during the important October trading period (period 11).

Howden Joinery UK depots' total revenue in the second half of the year to 1 November (periods 7 to 11) increased by 16.2%. This was achieved in the face of toughening comparators that have been seen since the start of the second half of the year.

As a result, in the first 11 periods (44 weeks) of 2014, ending 1 November, total revenue was up 14.1%, rising 10.6% on a same depot basis. Gross margin performance has been in line with expectations.



Story provided by StockMarketWire.com

Stop to 346p to lock in + 10

Well done Chris - v nice!

Cheers db, stop to 361 to lock in + 25

Latest broker views


Date

Broker

New target

Recomm.


5 Nov JP Morgan... 440.00 Overweight
5 Nov Numis 385.00 Add
5 Nov N+1 Singer 415.00 Buy
5 Nov Liberum Capital 420.00 Buy
23 Oct Berenberg 420.00 Buy
19 Sep Jefferies... 260.00 Underperform
4 Sep N+1 Singer 415.00 Buy
22 Aug Liberum Capital 420.00 Buy
22 Aug Berenberg 420.00 Buy
5 Aug JP Morgan... N/A Overweight

Broker Recommendations for Howden Joinery

Stop to 366 to lock in + 30

Stopped out. Back on watch list for now re-spreads.

Lost a lot of money here today Carson, just look at that dark down candle. Must have put you out of the trade.

Better luck next time old bean.........aka Robbie Burns trainee. LOL LOL LOL

gf - Unlike yourself I don't pretend to be a super trader Mr 90%

My entry is in black and white and subsequent trailing stops to lock in profits.

This is a good company!


What is your entry on your Consort trade again etc? We will never know! FLAKE!

Seems to be some confusion here, Howden released Interim results last week 5th Nov. Next update according to last paragraph below is in Febuary. Yet MAM diary states a Trading Statement this Thursday?
News

05/11/14
Interim Management Statement

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 (14th June 2014) to date.

The Board is pleased to report that the Group has seen a good 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 above 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.

Trading

Howden Joinery UK depots' total revenue in the second half of the year to 1 November (periods 7 to 11) increased by 16.2%. This was achieved in the face of toughening comparators that have been seen since the start of the second half of the year. As a result, in the first 11 periods (44 weeks) of 2014, ending 1st November, total revenue was up 14.1%, rising 10.6% on a same depot basis.

Gross margin performance has been in line with expectations.

Business developments

Since we released our 2014 Half Yearly Report in July, we have continued to make good progress in a number of areas of the business:

Depot openings: we have opened 4 new depots, resulting in 21 new depots in the UK so far this year and bringing the total to 580. We are on course to open 30 new depots as expected in the whole of 2014.
New product development: we have recently commenced a trial that enables us to sell granite worktops from stock in a very small number of depots - initial feedback has been encouraging.
Legacy properties: the lease of one legacy property has been terminated, at a cost of £3m. With one lease having expired in May, this means that there are six legacy properties remaining, with net annual rent and rates of less than £1 million.
Pension scheme funding

In an announcement made in June 2012, the Group gave details of the agreement with the trustees of the Group's defined benefit pension scheme in relation to the schedule of payments towards the scheme's deficit for the three years ending 5 April 2015. In line with the agreement, we now expect to make an additional one-off payment for the current pension year of £10m, which will be paid in 2015.

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 2014 is believed to be £161m to £172m.

Next scheduled announcement

The Group will release its 2014 Preliminary Results on 26 February 2015.

Chris - Financial Calendar

Financial calendar

2014
Email this pagePrint this page
21 November2014 Interim dividend payment date
27 DecemberEnd of financial year
2015
Email this pagePrint this page
26 February2014 Preliminary Results
30 AprilInterim Management Statement
23 JulyHalf-Yearly Report
12 NovemberInterim Management Statement
26 DecemberEnd of financial year

skinny - 2014 according to financial calendar doesn't mention a trading statement on Thursday that's my point :0)

If in doubt - go to the horses mouth! :-)

Well that's a good point I'll give them a bell.

Spoken to Gary Rawson. Trading statement was due this thursday but because results were so positive the above Interim Statement was issued on the 5th.

My strategy FWIW was to wait for profit taking to kick in (happened on friday) possibility of gap from spike to close on chart and then go back in long with another spread bet.

In the meantime have left a limit long @ 372.50. See what happens :0)

I have one in @345p.

Sounds like a plan, that is roundaboutish where gap would be closed.

Berenberg Buy 375.85 420.00 445.00 Reiterates

Breakout within touching distance.

Breakout within touching distance.

Did break out intraday yesterday only to fall back. See what happens on Monday for a second attempt or not. Stop to entry.

Stop to 382.5 to lock in + 10 needs a volume injection.

On a mission today, breakout. Stop to 392.5

Stop to 402.5

Profit taking kicked in this morning. Left a Limit Buy on the spreads @ 406p

Just joined you here Casey Carson, F Greece and its problems, SANTA is coming to town. Consolidation after 2 down days, back for a go at the top and a new upleg coming.

Trading Statement

Howden Joinery Group Plc ('the Group') is today issuing an update on trading for the year.

The Board is pleased to report that the good trading performance seen in 2014 until the end of period 11 (as reported on 5 November 2014) continued for the remainder of the year.

As a result, it is expected that profit before tax for 2014 will be above the range of market expectations 1.

Trading

Total sales from Howden Joinery UK depots for 2014 of approximately £1070m (2013: £940.7m) were up 14%, rising 11% on a same depot basis.

The Group has also seen good performance on other key measures, including gross margin.

Business developments

Our new depots continue to perform well, 30 depots having opened in the UK during 2014, bringing the total to 589. In addition, we have recently opened two depots in Belgium.

Note 1: The range of analyst expectations for profit before tax and exceptional items from continuing operations for 2014 is believed to be £172m to £179m.

Next scheduled announcement

The Group will release its 2014 Preliminary Results on 26 February 2015.

LATEST BROKER VIEWS

Date Broker New target Recomm.
9 Jan Jefferies... 280.00 Underperform
8 Jan Liberum Capital 440.00 Buy
8 Jan Numis 465.00 Add
8 Jan N+1 Singer 435.00 Hold
8 Jan JP Morgan... 470.00 Overweight
8 Jan N+1 Singer 415.00 Buy
12 Dec Liberum Capital 440.00 Buy
10 Dec Liberum Capital 440.00 Buy
5 Dec Citigroup 385.00 Neutral
2 Dec N+1 Singer 415.00 Buy
Broker Recommendations for Howden Joinery



That downgrade by Jeffries seems a wee bit harsh. Watching.

it feels that jeffries must have eaten some bad oysters!

Needs volume and a continued bounce of 50DMA.

So far so good, barring a market crash. :0)

Final Results

Financial results (continuing operations1)

The information presented here relates to the 52 weeks to 27 December 2014 and the 52 weeks to 28 December 2013 2, unless otherwise stated.

· Howden Joinery UK depot revenue increased by 14.3% to £1,075.5m (up 10.8% on same depot basis). Group revenue was £1,090.8m (2013: £956.5m);

· Gross profit margin was 63.7% (2013: 61.7%);

· Operating profit rose from £140.7m to £189.8m;

· Profit before tax increased to £188.8m (2013: £135.0m), the net interest charge falling by £4.7m (due to a decrease in the pensions finance expense);

· Basic earnings per share items increased from 15.9p to 23.2p;

· Net cash of £217.7m at year-end (28 December 2013: £140.5m net cash);

· Final dividend of 6.5p recommended, giving full year dividend of 8.4p per share (2013: 5.5p);

· £70m to be returned to shareholders, through a share repurchase programme.

1 2013 comparatives exclude exceptional items. 2 Restated for amendments to IAS19 - see note 2.

Business developments

· Investment in the future growth of the business continues:

- 30 new depots opened in UK in 2014, bringing total to 589;

- French trial extended: 2 depots opened in Belgium; plan to open up to 7 additional depots in northern France in 2015;

- capital expenditure totalled £32.8m;

- capital expenditure expected to average £60m p.a. over next three years, as we invest in key aspects of our operations to support further growth.

Current trading
· Howden Joinery UK depot revenue in the first two periods of 2015 rose by 9.9%1, in line with our expectations;

· Our outlook for the business for 2015 remains unchanged.

1 This excludes the first week, which had one less trading day in 2015 than in 2014.

Nice!

Trading Update

Howden Joinery Group Plc is today publishing a trading update covering the first four periods of the year (16 weeks to 18 April).

Performance so far this year is in line with our expectations, with market conditions unchanged.

Howden Joinery UK revenue was up 9.4% on the corresponding periods last year, increasing by 7.0% on a same depot basis. Along with the evidence we have of trading prospects, this would continue to indicate that market conditions remain good.

We are on track with our plans to open 30 new depots in the UK this year. With six new depots having been opened so far, Howden Joinery is now trading from 595 depots in the UK.

Next scheduled announcement

The Group will release its 2015 Half Yearly Report on 23 July 2015.

Odd that two Dirs sell shares ( DYOR ), so I guess they may think this is a "peak"?
- but it may be "institutional demand" . . . ho-ho.
I like this Co. - but not the sp/yield etc. ... even at £2.50 it still a poor yield, IMHO.

Clearly management has good focus and can satisfy demand in their chosen niche.

Howdens Group PLC 2016 Preliminary Results

Peel Hunt Hold 425.50 430.00 430.00 Downgrades

Liberum Capital Buy 425.50 506.00 506.00 Retains

Half-year Report

Chief Executive, Matthew Ingle, said:

"We delivered a solid revenue performance in the first half in line with our plans for the full year. As expected during H1 2017, we saw currency movements and additional operating costs impacting our year-on-year profitability.

"The sales initiatives which began in Q4 2016 have shown positive results, with UK growth of 4.0% year-on-year in H1 2017 and growth of 6.5% for our most recent period of trading. We continue to develop the range of products and services we offer to broaden the entry-level appeal of the Howdens' proposition. Our investment programme remains on track and we have begun operations in our new distribution centre in Raunds, Northamptonshire.

"We believe that current market conditions are stable, although we remain watchful given continuing economic uncertainties."

Financial highlights1:

· Howden Joinery UK depot revenue £539.5m (2016: £518.9m), an increase of 4.0% and 2.4% on a same depot basis. Group revenue was £553.0m (2016: £528.9m);

· Gross profit margin 64.1% (2016: 64.5%), stable on FY 2016 and including £12m of currency costs;

· Operating profit £66.6m (2016: £74.7m), reflecting expected costs due to new distribution centre and new product introduction programme;

· Basic earnings per share 8.4p (2016: 9.1p);

· £11.3m returned to shareholders by 9 June 2017 as part of a £80m share buyback programme announced in February 2017;

· Net cash of £215.1m at 10 June 2017 (24 December 2016: £226.6m net cash; 11 June 2016: £182.7m net cash), including repurchasing of shares and capital expenditure;

· Interim dividend 3.6p per share (2016: 3.3p).

1The information presented here relates to the 24 weeks to 10 June 2017 and the 24 weeks to 11 June 2016, unless otherwise stated.

Business developments:

· 11 new UK depots in 2017 bringing total to 653;

· 22 new kitchen ranges introduced in H1 2017;

· New distribution centre at Raunds operational and IT systems integration completed, in preparation for H2 2017 trading;

· Capital expenditure of £22.0m (2016: £28.0m) as part of three-year investment programme started in 2015.

Current trading and outlook

· Howden Joinery UK depot revenue increased by 6.5% in the first four week period of the second half of the year (to 8 July 2017);

· Our overall expectations for the full year are unchanged.


more.....

Having yet another bash @ 470p. Preliminary results 1st March.

And again :0) 3 strikes and your out?

Well that is 470p well and truly broken left behind for now. Using the same strategy as HAS. Gone short (spread bet) as a trade/hedge, outside Bollinger Band always makes me nervous tight stop.

LATEST BROKER VIEWS
Date Broker New target Recomm.
2 Mar Citigroup 540.00 Buy
1 Mar Numis 512.00 Add
1 Mar Peel Hunt 470.00 Hold
1 Mar Shore Capital N/A Buy
1 Mar Liberum Capital 540.00 Buy
20 Feb Berenberg 450.00 Hold
23 Jan Peel Hunt 470.00 Hold
16 Jan Liberum Capital 540.00 Buy
6 Dec Peel Hunt 470.00 Hold
7 Nov JP Morgan... 460.00 Neutral
Broker Recommendations for Howden

Stop to entry.

Back inside Bollinger Band, bounced at last resistance 490p hoping now support.

On the bounce, a close above 50DMA would be encouraging.

Now back above 50DMA, for how long place your bets.

For eternal optimists like me if SP can crack 475p it will be third attempt in just under twelve months. Volume required. Or just a dead cat bounce?