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!

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.