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!

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
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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

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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 :-)