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Howden Joinery - Weaker outlook provides excuse to bank profits

April 2016

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 have tread sideways for twelve months now as Howden’s intention to scale up costs for “long-term investment” has acted as a dead weight. Nevertheless, full year results showed progress with revenue rising almost 12% to £1.2bn while pretax profit increased 16% to £220m, helped by a 0.6% rise in gross margin to 64.3% due to favourable currency swings. Eps was up 18% to 27.3p. In spite of a £19m increase in working capital (primarily stocks), £46m to acquire fixed assets and £45m on buying back shares, strong cash flow ensured net cash rose £9m to £226m.During the period it opened 30 new stores in the UK bringing the total to 619 while the number of account h ...

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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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