The UK's largest specialist trade kitchen supplier Howden Joinery Group plc (HWDN.L), on Thursday, issued an update on trading since the half-year results and reported that Group revenue in the 7 to 11 period was down 0.1% versus the prior year and down 1.9% on a like-for-like basis. Year-to-date group revenue was up 1.9% and was up 0.2% on a like-for-like basis.
Revenue in the UK in the period dropped 0.6% and was down 2.2% on a same depot basis. On a year-to-date basis, the UK was up 1.7% ahead of the prior year. The company's international operations grew 18.2% ahead of the prior year or up 9.4% on a same-depot basis.
France benefited from a new leadership team that is focusing on developing its depot teams and strengthening the company's differentiated business model after a period of significant depot expansion.
In light of prevailing market conditions, Howdens expects profit before tax for 2024 to be within the range of current analysts' consensus forecasts, with the most probable outcome aligning with the lower end of this spectrum. The company's profitability at these projected levels is underpinned by the market share gains that have been achieved, in addition to its proactive cost management strategy.
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