Howden Joinery says trading in line so far

Howden Joinery reported a jump in revenue as it said its performance so far this year has been in line with its expectations.

In a trading update for the 16 weeks to 16 April, the FTSE 250 kitchens and joinery products supplier said UK revenue was up 8.7% on the corresponding period last year, and 6.4% higher on a same depot basis.

“Along with the evidence we have of trading prospects, this would indicate that market conditions are stable, albeit we remain watchful,” it said.

Howden said that while currency movements have affected its cost of goods sold, it has seen good progress in the year so far on the implementation of a price increase.

The group said it was on course with its plans to open 30 new depots in the UK this year, and with six already opened, it is now trading from 625 UK depots.

Howden said that as part of the £70m share buyback programme announced back in February of last year and the £55m programme announced in February 2016, it has purchased 11.2m shares in the year to date, for which the consideration was £52.8m.

This is equivalent to the £25m of the £70m programme that was outstanding at the end of last year and half of the £55m programme, which it said would be implemented over the course of two years.