Howden Joinery sees revenues rise by 21.8pc
Kitchen supplier Howden Joinery, which has depots across the West Midlands, has reported a rise in revenue after making a strong start to the year.
The group, which has sites in the Black Country and at Cannock, Kidderminster and Shropshire, said overall revenues had grown 21.8 per cent per cent year-on-year in the 16 weeks ended April 16, while same depot revenues were up 20.1 per cent, driven by increases in both prices and volume.
Howden's stated that on a local currency basis, depot revenue in Continental Europe increased by 21.8 per cent and by 24.2 per cent on a same depot basis, compared to the equivalent periods last year.
The FTSE 100-listed firm said it was continuing to invest in strategic initiatives and stated it plans to open about 25 new depots in the UK, 25 in France and five in Ireland during 2022, in addition to refurbishing around 70 older UK sites.
Howden's also noted it had completed about £60 million of a £250 million share buyback programme announced in late February.
CEO Andrew Livingston said: "The group has traded well in the first four periods of 2022 and we continue to invest in our in-stock, trade-only, local business model.
"We are mindful that it is still early in the financial year and our second half includes our all-important peak trading period.
"In addition, given an uncertain macro-economic environment, including rising inflation and energy costs we are staying vigilant for any potential headwinds in our markets.
"However, we remain confident in our business model, and with the strong start to the year, the group remains on track with its outlook for 2022."