Howden says strong trading beats expectations

Howden Joinery said trading was strong in the first half and ahead of its expectations with revenue beating the same period in 2020 and 2019.

Group revenue was almost £785m in the six months to the end of June compared with £465m a year earlier and £653m two years earlier, the kitchen maker said.

UK depot revenue was about £764m - up 19.8% from 2019 and 15.3% on a same-depot basis. Howden said this pattern had continued and it was cautiously optimistic about the outlook. The FTSE 250 group said it expected annual pretax profit of about £300m - up from £185.3m in 2020 and £260.7m in 2019.

"Whilst we are aware of the economic uncertainties that we face and the tough comparators from the second half of 2020, we remain confident in our business model for the future," Howden said. "We remain cautiously optimistic in our outlook for the second half and our all-important peak trading period."

Howden's business has boomed since the second half of 2020 in a frenzied UK housing market and with households spending to upgrade their homes during lockdowns.