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Howden Joinery - Sales still growing well

June 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.

  • Epic Code:
  • HWDN
  • Price:
  • 115p
A solid update from Howden with like-for-like sales in Q1 rising 5.2%, while total sales increased 7.8%. Gross margin is in line with the margin achieved in 2010 (i.e. 59.8%), a decent performance in the face of rising input costs. Meanwhile, five new depots opened, taking the total to 494 depots. Howden has also made further progress dealing with its onerous legacy leases and since the final results has agreed deals on a further five, costing £5.2m but eliminating future obligations worth £17m. With forecasts left unchanged the shares trade on a prospective PE of 9.5, based on  consensus eps forecasts of 11.8p. In spite of our fears regarding a potential consumer strike on big ticket item ...

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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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