In its half year results statement, Howdens has disclosed that it gained market share with revenue of £966.3million during the 24 weeks to 15th June 2024 – 4.3% ahead of last year. Profit before tax of £112.3million was in line with last year, following £16million investment in the company's strategic initiatives in H1. According to the report, the majority of cost increases were due to higher inflation offset by productivity and efficiency improvements.
Commenting on the results Howdens chief executive Andrew Livingston said: “Howdens' performance in the first half was encouraging and we gained market share in a challenging marketplace. We continued to invest in our strategic initiatives which is strengthening our differentiated business model and delivering positive results.
“We are focused on the significant growth opportunities in our core UK kitchen and joinery markets. To access these, we are progressing our new depot and reformat programme and making range and product innovations. We are also manufacturing more of what we sell and, alongside the provision of unequalled stock availability, we are adding further digital capabilities to support our trade customers and depot teams. We continue to see opportunities to develop our business model internationally and we’re making good progress in establishing Howdens’ presence, laying the foundations for future success.”
Howdens has opened 10 depots in the Uk and one in the Republic of Ireland, and aplans to open around 30 new UK locations and 5 new international depots this year. It will be introducing 11 new kitchen ranges for 2024, and is refreshing its joinery paint to order and solid work surface offerings and extending its product line-up with new bedroom ranges.
With regard to current trading and the outlook for 2024, the company said that despite the continued challenging market environment, its builder customers remain busy. It stated: 'We are maintaining our focus on competitive pricing to support them, while balancing ongoing inflationary pressures to optimise volumes. We are also maintaining a disciplined approach to managing our cost base to optimise operational performance, while implementing our strategic initiatives to support continued market outperformance and long-term growth. This will stand us in good stead for when market conditions improve.'
