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Howden Joinery Group PLC on Thursday said profit was up as the company targets 1,000 depots in the UK. The London-based kitchen and joinery supplier reported that pretax profit for 2022 was £405.8 million, increasing 3.9% from £390.2 million a year ago. The company posted annual revenue of £2.32 billion, up 11% from £2.09 billion in 2021. Howden said the revenue increase reflected the strength of its local, trade-only and in-stock business model. Basic earnings per share were 65.8 pence, up 24% from 53.2p in 2021. Howden declared a final dividend of 15.9p per share, bringing the total dividend for the year to 20.6p, increasing 5.6% from 19.5p a year ago. During the period, Howden opened 30 new depots in the UK, bringing its total to 808, and refurbished 82 older depots, with 50% of depots now trading in the updated format. The company also opened 25 depots in France, closing 5, brining its total to 60. Five depots were opened in Ireland. Chief Executive Officer Andrew Livingston said: ‘Our markets are large and fragmented which gives us a long-term opportunity for growth. In response, we are continuing to expand our depot network, improve our product range, optimise our manufacturing and supply chain, and develop our digital capabilities. We see potential for around 1,000 depots in the UK and we are now selectively expanding our business model internationally in France and the Republic of Ireland. ‘Our robust financial position underpins our strategy, funding investment in our growth initiatives, expanding our manufacturing and supply chain capabilities, and supporting ongoing cash returns for shareholders.’ The company also announced a £50 million share buyback today. Howden shares were down 1.3% trading at 708.20p per share on Thursday morning in London. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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