East Yorkshire kitchen giant Howden Joinery Group has broken sales records through its busiest trading period.
The company saw revenues up 44.7 per cent in the 20-week period between June 11 and October 29 compared to pre-Covid levels, as home improvement spending continued. Given the “continued momentum” the FTSE-listed operation has increased profit expectations for the year - with potential to pass the £400 million mark.
In a trading update, Howden has reported 6.6 per cent year-on-year revenue growth for its UK operations since its 'unprecedented' half-year results. 2021 had seen it become a £2 billion business.
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Internationally, where depot expansion is being rolled out across France and Belgium, revenues were up 24.5 per cent on 2021 and 95.4 per cent on 2019. The company is adding huge manufacturing and logistics facilities in both the town it takes its name from and neighbouring Goole, as it supports the ongoing expansion.
Stating that against a backdrop of economic uncertainty, the team remains vigilant for any potential headwinds, while managing inflationary and supply chain pressures, Andrew Livingston, chief executive, said: “Howdens achieved a record performance in our important peak trading period. We continued to gain market share supporting our customers with a strong product line-up, high stock availability and outstanding service.
"Trade customers have remained busy into the autumn with a good pipeline of work, as consumers continue to invest in and improve their homes. Our kitchen and joinery markets are large and attractive, and we are prioritising investment for future growth through our successful strategic initiatives."
As October closed 17 new UK depots and 13 new French depots have been opened, with 64 older UK depots refurbished. New product introductions included 23 new kitchen ranges which were on sale ahead of the peak trading period.
Mr Livingston said Howden was continuing to invest in expanding manufacturing and supply chain, with investment in the strategy “supported by our strong, ungeared balance sheet”. September saw the company sign a new £150 million, five-year, multi-currency revolving credit facility replacing the previous asset backed lending facility. It remains undrawn.
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