Howden Joinery says well positioned for full year

Howden Joinery said it remains well positioned to achieve its expectations for the full year as it reported a good sales performance so far in the second half.

The supplier of kitchens and joinery said total revenue at its UK depots rose 12.8% in the second half of the year to 31 October despite the toughening comparators that have been seen since June.

As a result, total revenue was up 12% in the first 44 weeks of the year and 9.3% higher on a same depot basis.

Howden said that since the release of its half-year results in July, it has opened 11 new depots, resulting in 25 new depots in the UK so far this year and bringing the total to 614. The company is on track to open 30 new depots as expected in the whole of 2015.

As part of its warehousing strategy, the company has entered into a long-term agreement to occupy a new 650,000 square ft warehouse being built near Raunds, north east of Northampton. It expects this to be ready for Howden to begin occupation in the second half of next year.

At 0843 GMT, Howden shares were up 5.1% at 482.20p.