Updates

Howden Joinery - Gain to date: 74%

April 2013

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.

Shares in Howden Joinery, which supplies kitchen cabinets to local builders, have performed extremely well during the month, hitting a new high of 228p. The catalyst was better-than-expected final results for the year to end December, which noted a 4% rise in both pretax profit to £112.1m and eps to 14p, as well as a six-fold increase in the dividend from 0.5p to 3p. With cash generation very strong net cash soared from £57.1m to £96.4m, leading the company to signal further dividend hikes in future.Growth came through a 4% rise in UK sales, helped by price rises and the opening of 20 new depots, to take the number of outlets to 529. Gross margin increased an impressive 180 basis points to 61.5% as greater effici ...

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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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