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Howden Joinery Group PLC on Thursday lifted its interim dividend as its interim profit surged ahead of pre-pandemic levels, due to good growth of its depots.
Shares were trading 1.9% higher at 641.00 pence each on Thursday morning in London.
The London-based joinery company reported pretax profit of £145.0 million in six months to June 11, reflecting a 22% rise from £119.2 million the same period a year before. Compared to pre-Covid 19 levels, Howden Joinery's pretax profit was up 86% from £78.1 million.
Revenue rose 16% to £913.1 million from £784.9 million. In comparison with pre-pandemic levels, revenue rose 40% from £652.6 million.
The company attributed this performance to growth in its UK and international depots, as well as ‘effective management’ of ongoing supply chain and inflationary pressures.
Encouraged by its strong performance, Howden Joinery declared an interim dividend of 4.7 pence, up 9.3% year-on-year from £4.3p.
Looking ahead, Howden Joinery said it has ‘good momentum’ going into the second half, which includes its peak trading period.
The company said it remains on track to meet its expectations for the year as a whole.
It guided for UK revenue growth of 8% and international revenue growth of 20% compared to financial 2021.
‘We will continue to manage inflationary pressures according to market conditions to achieve the right balance between pricing and volume. We are confident in our resilient business model while recognising that we will be trading against record revenue comparatives. While watchful of market conditions and consumer sentiment, the group remains on track with its outlook for the full year,’ Chief Executive Andrew Livingston said.
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