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(Alliance News) - Howden Joinery Group PLC on Thursday posted a strong set of annual results leading the company to hiking its payout and announcing a GBP250 million share buyback programme.
Howden shares rose 3.9% to 759.60 pence each in London on Thursday, making it the top performer among the FTSE 250s. The stock was over 6% earlier in the morning.
The London-based kitchens, joinery and hardware company reported pretax profit from continuing operations of GBP390.3 million in the 52 weeks ended December 25. This is more than doubled from GBP185.3 the year before.
The rise in earnings found support from a 35% year-on-year increase in revenue to GBP2.09 billion from GBP1.55 billion.
"2021 was a very successful year for Howdens as we both delivered record financial results and progressed our strategic plans for the business. Our performance demonstrates the strength of our trade only, in-stock local business model and our ability to meet heightened demand for our products," Chief Executive Andrew Livingston said.
Howden paid out a final dividend of 15.2 pence a share, up 67% from 9.1p a year before. This brought the total payout for the year to 19.5p per share, rising 50% from 13.0p.
Looking ahead, Livingston said: "We believe there is now potential for at least 950 depots in the UK and we are expanding our presence in France and the Republic of Ireland. We continue to invest in our depot network, market leading products, manufacturing and supply chain, and digital capabilities, all of which improve service to our customers and help us take advantage of market opportunities. Our robust balance sheet gives us the flexibility to continue to invest in our growth plans for the business at the same time as delivering enhanced returns to shareholders through ordinary dividends and share buy-backs."
By Greg Roxburgh; gregroxburgh@alliancenews.com
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