Howden reports good trading to defy housing market gloom
Howden Joinery said trading was good as the kitchen supplier defied concerns about the UK property market.
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Howden Joinery Group
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Reporting on the period mid-June to the end of October, Howden said revenue rose 8.2% from a year earlier, reflecting higher sales.
Howdens said it was on track to meet the board's expectations for the year. Analysts average forecast is for annual operating profit of £228m, the company said.
The company said: "Howdens has seen a good trading performance, including during the important October trading period."
Howden shares rose 6.5% to 439p at 08:13 GMT.
Howden's peak trading period is October as its building trade customers turn to indoor work and aim to install kitchens before Christmas.
Its shares had fallen 13% since May before the trading update as investors became concerned about the weakening UK property market and sagging consumer confidence.
Independent retail analyst Nick Bubb said: "Given the gloomy vibes about the housing market and big ticket retailing, nobody could really have expected the kitchen retailer Howden to be bullish in today’s Q3 update but the news is surprisingly reassuring."