Howden Joinery revenues up 21.8% YTD

Kitchen supplier Howden Joinery said on Thursday that overall revenues had grown 21.8% year-on-year in the 16 weeks ended 16 April, while same depot revenues were up 20.1%, driven by increases in both prices and volume.

Howden's stated that on a local currency basis, depot revenue in Continental Europe increased by 21.8% and by 24.2% on a same depot basis, compared to the equivalent periods last year.

The FTSE 100-listed firm said it was continuing to invest in strategic initiatives and stated it plans to open roughly 25 new depots in the UK, 25 in France, and five in Ireland during 2022, in addition to refurbishing around 70 older UK sites.

Howden's also noted it had completed about £60.0m of a £250.0m share buyback programme announced in late February.

Chief executive Andrew Livingston said: "The group has traded well in the first four periods of 2022 and we continue to invest in our in-stock, trade-only, local business model. We are mindful that it is still early in the financial year and our second half includes our all-important peak trading period. In addition, given an uncertain macro-economic environment, including rising inflation and energy costs we are staying vigilant for any potential headwinds in our markets.

"However, we remain confident in our business model, and with the strong start to the year, the group remains on track with its outlook for 2022."