Howden Joinery Group PLC Trading Statement (1911O)
November 03 2016 - 2:00AM
UK Regulatory
TIDMHWDN
RNS Number : 1911O
Howden Joinery Group PLC
03 November 2016
Howden Joinery Group Plc
TRADING UPDATE
Howden Joinery Group Plc ('the Group') is today publishing a
trading update covering the period from the end of the first half
of the year (11(th) June 2016) to date.
The Board is pleased to report that the Group has seen a solid
performance in the second half of the year to date, including
during the important October trading period (period 11), and is on
track to meet expectations for the full year (Note 1) . However, it
should be noted that the two remaining trading periods together
typically account for over 10% of annual revenues.
Trading
Howden Joinery UK depots' total revenue in the second half of
the year to 29 October (periods 7 to 11) increased by 4.1%. This
was achieved in the face of toughening comparators that have been
seen since June and the widely reported softer trading conditions
seen in recent months.
As a result, in the first 11 periods (44 weeks) of 2016 total
revenue was up 6.3%, rising 4.0% on a same depot basis. Gross
margin performance has been in line with expectations.
Business developments
Since we released our 2016 Half Yearly Report in July, we have
opened 10 new depots, resulting in 20 new depots in the UK so far
this year and bringing the total to 639.
In addition, as part of the GBP55m share buyback programme
announced on 23 February 2016, the Group has acquired 6.2m shares
since July. This brings the total acquired this year to 17.5m, for
which the consideration was GBP80.0m. This means that we have
completed the share buyback programmes announced in February 2015
and 2016.
Note 1: The range of analyst expectations for profit before tax
for 2016 is believed to be GBP218m to GBP244m, the mean being
GBP229m.
Next scheduled announcement
The Group will release its 2016 Preliminary Results on 23
February 2017.
Enquiries
Investors/analysts:
Gary Rawlinson
Head of Investor +44 (0)207 535 1127
Relations +44 (0)7989 397527
Media:
Maitland
Kate O'Neil, Tom
Eckerseley, Robbie
Hynes +44 (0)207 379 5151
Note for editors:
Howden Joinery Group Plc is the parent company of Howden
Joinery. In the UK, Howden Joinery is engaged in the sale of
kitchens and joinery products to trade customers, primarily small
local builders, through over 600 depots. Around one-third of the
products it sells are manufactured in the company's own factories
in Runcorn, Cheshire, and Howden, East Yorkshire. The business also
has a small operation in France, Belgium, Germany and Holland.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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