Howden Joinery announces £50m share buyback as FY profits rise

Howden Joinery posted a jump in full-year profit and revenue on Thursday as it announced the launch of a £50m share buyback.

Pre-tax profit for 2022 was up 4% on the previous year and 55.7% higher versus 2019, at £405.8m. Meanwhile, revenues rose 10.8% on 2021 and 46.4% on 2019 to £2.3bn. Howdens said this reflects the strengths of its local, trade only, in-stock business model.

The group proposed a final dividend of 15.9p, bringing the total for the year to 20.6p, up 5.6% on last year. It also announced a £50m share buyback.

Chief executive Andrew Livingston said: "Howdens delivered a strong performance in 2022, with good progress on executing our strategic priorities and further market share gains. During the year our teams have been adept at navigating the challenges of high inflation and supply chain disruption, while supporting our customers with a market leading product range, high stock availability and outstanding customer service.

"Our markets are large and fragmented which gives us a long-term opportunity for growth. In response, we are continuing to expand our depot network, improve our product range, optimise our manufacturing and supply chain, and develop our digital capabilities. We see potential for around 1,000 depots in the UK and we are now selectively expanding our business model internationally in France and the Republic of Ireland."