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!

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.



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