Updates

Howden Joinery - H2 revenues rise 10%

April 2014

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.

The shares moved to new highs of 392p after Howden, which manufactures and supplies kitchens and doors to jobbing builders, released results slightly ahead, manly thanks to a strong second half. Revenues, pretax profit and eps rose 8%, 23% and 16% respectively to Â£956m, Â£138.4m and 16.3p. Net cash rose strongly from Â£96.4m to Â£140.5m and opens the door for a special dividend at some point.Like-for-like sales rose 5.6% on a same depot basis, with H2 revenues rising 10% alone as the housing market warmed up. Growth also came through opening 30 new depots, taking the total to 559. Gross margin increased from 61.5% to 61.7% reflecting price discipline and margin gains across all depots. JP Morgan Cazenove has increas ...

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Howden Joinery - Housing boom lifts demand for kitchens (January 2014)

Howden Joinery - UK depot sales up 5.5% (September 2013)

Howden Joinery - Gain to date: 74% (April 2013)

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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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