Updates

Howden Joinery - Current trading still strong

April 2011

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

As we had expected, Howden produced blow-out final results with turnover up 5% to Â£808m, pretax profit rising a full 47% to almost Â£101m and eps increasing 34% to 11.1p. Net cash soared from Â£2.4m to Â£35m.The strong performance came through a 3.6% rise in like-for-like sales and an astonishing jump in gross margins from 56.2% to 59.8%, helped by focus on selling prices and purchasing costs. Howden also stepped up expansion and opened 27 new depots in 2010, taking the total to 489.Current trading is strong with revenues increasing by 14.2% and by 11.6% like-for-like, albeit against weather affected comparatives in 2010. Excluding this, underlying growth was estimated to have been 5%. Howden expects to open another ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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