|  

Howdens increases turnover by 5.4% in first half year

08.08.2019 − 

In the first 24 weeks of the 2019 financial year Howden Joinery Group (Howdens) increased turnover by 5.4% to £652.6m compared to the corresponding period in the preceding year. Of this sum £638.1m was generated on the British market. This represents an increase of almost 5.5%. Adjusted to exclude the opening of new branches in Great Britain, the increase still amounted to 3.4%.

Turnover generated by activities in mainland Europe amounted to around £14.5m in the first half year, and thus £0.2m less than the previous year. Howdens considers a main reason for the decline to be the withdrawal at the end of January from the German and Dutch markets, in each of which the company had operated a kitchen studio on a test basis. In local currency, turnover in in France and Belgium as the remaining markets of mainland Europe improved by 4%. Following the opening of a new location, there are currently 21 Howden studios in France. In Belgium there are two studio locations.

Operating profit and pre-tax profit increased in the reporting period by 11.6% to £77.7m and by 13.5% to £78.1m respectively. Costs to the amount of £5m ensuing from branch closures in Germany and the Netherlands are one important reason for the reduction in operating profit. Calculated over the entire year these costs are likely to amount to a total of approx. £15m.

Tags of this news:

previous − HNI: further drop in office furniture turnover

Warendorf operations now transferred to investor  − next