Howden sees slower growth in UK revenue
Kitchen maker Howdens said 2016 pre-tax profits increased to £237m from, despite sifter market conditions in the second half.
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Revenue grew to £1.3bn from £1.2bn and a final dividend of 7.4ps share has been declared for a total payout of 10.7p per share against 9.9p a share in 2015.
The company added that it was also planning to return £80m of cash to shareholders through a a share repurchase programme.
"Looking at 2017, softer trading conditions seen in the UK in the second half of 2016 have continued into the early part of this year, with volumes having weakened slightly,” chief executive Matthew Ingle said.
“We raised prices towards the end of last year in response to cost pressures in our business and the early signs from this are encouraging,” he added.
Howden Joinery UK depot revenue rose 6.5%, down from 11.9%. Consumers have started to wind back on spending in the wake of the UK's decision to leave the European Union last June in a referendum. This has led to a slump in the pound and a rise in inflation.
UK depot revenue in the first two periods of 2017 rose by 3.6%, in line with expectations, the company said.