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Howdens records 6.4% rise in sales

Howdens corner - Barry Barnes / Shutterstock.com -  725 x 500

Families putting in new kitchens rather than moving home have boosted sales for Howdens Joinery Group.

Sales at the merchant, a favourite of the building trade, jumped 6.4 per cent for the four months to April 16 and it said ‘conditions are stable’ as more people hire builders to install new kitchens.

The supplier, which was founded in 1995 as part of the business unit of MFI Furniture Group, which went bust in 2006.

Howdens was sold for £1 and became Galliform, before becoming Howdens, named after the place where it was founded, in 2010.

Since then it has seen rapid growth and is rapidly expanding across Britain and has more than 430,000 small builders as its customers.

It now has 625 depots, will open 30 this year and plans to reach 800.

Retail analyst Nick Bubb said: ‘The UK economy may be slowing, but good old Howdens Joinery is still delivering the goods and this trading update shows performance so far this year . . . in line with management expectations.’

As well as two factories in Britain, it has operations in France, Belgium, Germany and Netherlands.

The firm also updated on its share buyback programme – it has bought 11.2million of shares in the company this year.

See the full trading update here.

Image: Image: Barry Barnes / Shutterstock.com

Source : ThisIsMoney.co.uk
www.thisismoney.co.uk/money/markets/article-3564217/Howdens-Joinery-enjoys-sales-boom-families-choose-update-kitchens-home.html

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29 April 2016

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