Howden says currency movements to hit H1 profits

Howden Joinery said first half profits would be hit by currency movements and extra operating costs as it reported a 3.9% rise in UK revenues for the 16 weeks to April 15.

Howden said revenue increased by 2.4% on a same depot basis compared to the equivalent period last year.

The impact on profits had been partially offset by sales initiatives implemented since the final quarter of 2016 and, as a result, Howden said its performance so far this year was in line with expectations.

“We believe that current market conditions are stable, albeit we remain watchful,” it added.

“We are on track with our plans to open 30 new depots in the UK during 2017. Howden Joinery now trades from 650 depots in the UK, with 8 new depots opened so far this year,” it said.