Howden profits fall 19% on weaker building market

Profits at Howden Joinery fell more than expected last year as a weaker DIY and housing market hit the bottom line.

The company on Thursday reported pre-tax profit for the year to December 30 of £327.6m, down 19%.

"While we are cautious about the macro-economic and geo-political environment, given the encouraging start to the year and the agility of our business model, the board is confident in the outlook for 2024," said chief executive Andrew Livingston.

UK depot revenue fell 0.7% to £2.24bn and the full-year dividend was lifted 1.9% to 21p a share.

“We anticipate that market conditions in 2024 will be broadly unchanged and we are well prepared for the challenges and opportunities that this may present,” the company said.

“We aim to maintain a profitable balance between margin and volume and we have aligned our operating costs to expected market conditions. We will work with our suppliers to keep product and input costs well controlled.”

Howden added that it planned to open 30 new UK depots this year.

Reporting by Frank Prenesti for Sharecast.com