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Howden Joinery - UK depot sales up 5.5%

September 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.

Almost any company connected with the UK housing market has had a strong 2013 and shares in Howden Joinery, a leading supplier of kitchens to local builders, have also joined in the fun, hitting a new high of 300p.The latest interims were strong with revenues rising 7% to Â£391m, while pretax profit and eps increased 67% and 56% to Â£43.2m and 5p respectively. Also impressive was the surge in net cash to Â£102m (30 June 2012: Â£37.4m); at this rate there could be a special dividend on the cards shortly. Helped by a price increase, a number of new products and Howden's goal of providing best local prices UK depot revenue grew 5.5% on a like-for-like basis, while eight new depots opened bringing the total to 537. Gross margin ...

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