Kitchen supplier Howdens has reported a record performance in its peak trading period as sales grow.
According to its latest trading update for the period 11 June 2022 to 29 October 2022, Howdens said that since the half year results, it has continued to trade strongly with 6.6% year-on-year revenue growth in the UK depots.
Revenue was 44.7% higher than the same period in 2019 with the growth rate in the second half increasing from 38.1% in the first half. The international businesses continued to grow strongly with revenue 24.5% higher than the same period in 2021 and up 95.4% on 2019.
Looking ahead, and against a backdrop of economic uncertainty, Howdens said it will remain “vigilant for any potential headwinds” while managing inflationary and supply chain pressures. Given the continued momentum in the period, the Group now expects profit before tax to be marginally ahead of the average of published analyst consensus forecasts for FY 2022, which is an average of £387m with a range of £373m to £410m.
Commenting on Howdens’ performance 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.”