Howden Joinery FY profits seen 'marginally' ahead of consensus

Howden Joinery said on Thursday that it now expects FY2022 pre-tax profit to be "marginally" ahead of consensus forecasts as it hailed strong revenue growth.

In the period from 11 June to 29 October, UK revenue was up 6.6% on the same period a year earlier, while international revenues rose 24.5%.

The trade kitchen supplier said given the continued momentum during the period, it now expects pre-tax profit for the year to be marginally above consensus forecasts of £387m.

Chief executive Andrew Livingston 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."

Howdens said it is continuing to invest in expanding its manufacturing and supply chain capabilities, including the rollout of its regional cross-docking facilities.