Updates

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.

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 Â£5.2m but eliminating future obligations worth Â£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 ...

To access our archive of articles and to receive current issues you need to subscribe.

Subscribe now

Already a subscriber? Login

Petropavlovsk - Upgrade to reserves

Petrofac

Howden Joinery - Potential beneficiary when RMI recovers (April 2024)

Howden Joinery (April 2022)

Howden Joinery (May 2021)

Howden Joinery (January 2021)

Howden Joinery (September 2020)

Howden Joinery (May 2020)

Howden Joinery - Kitchen cabinet maker to benefit from surge in pent up investment (January 2020)

Howden Joinery - Weaker outlook provides excuse to bank profits (April 2016)

Howden Joinery - 12.8% surge in underlying sales (January 2016)

Howden Joinery - Accelerating investment pegs back shares (September 2015)

Howden Joinery - Shares prosper after favourable General Election result (July 2015)

Howden Joinery (April 2015)

Howden Joinery - Kitchen cabinets supplier enjoying rapid eps growth (February 2015)

Howden Joinery - Kitchen supplier enjoys third broker upgrade in 8 months (September 2014)

Howden Joinery - 8.5% growth in like-for-like sales (June 2014)

Howden Joinery - H2 revenues rise 10% (April 2014)

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)

Howden Joinery - Low cost, high returns model for supplier of kitchens to local builders (August 2012)

Howden Joinery - Introduce stop-loss of 105p (May 2011)

Howden Joinery - Current trading still strong (April 2011)

Howden Joinery - Kitchen supplier triggers third upgrade in seven months (February 2011)

Howden Joinery - Kitchen supplier likely to smash forecasts (December 2010)

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.

All material on this website is protected by copyright. You may use Information retrieved from the www.scsw.co.uk website for your own personal non-commercial use which means that you may not sell or copy this information to any third party without prior written consent. ISSN 1358-183X