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Today has seen a wave of positive updates. Good trading results for start of 2019, more share buy back done, depot openings in progress (in new format), more depots planned during the year plus the Ireland openings, all agenda items passed at the AGM. Lots of positivity.
Great to see more key metrics improved. Noticeable points for me are the ongoing buy back of shares, how the pension deficit has dropped significantly and the ongoing investment in depot growth. Year in year turnover has increased by some £100m since 2015 whilst margins have been retained.
The new depot reformat presentation looks great, and should help continue the growth, plus the development of the trading platform is really interesting.
Good to see all these points come together, clearly the new CEO has been busy preparing the business for growth.
They are very good in light of where we are with looming Brexit and retailers generally having a hard time. Turnover up past 1.5bn, profit up again, strong spend on capital investment in infrastructure and depot openings. Year on year this business has plowed hundreds of millions back into making its future secure at some point we can expect the platform to be stable and the profits to crank up even further as the need for spend on supply reduces.
Closing the mainland Euro depots offset by expansion in Paris which looks interesting but for the upcoming entry into Ireland will be major opportunity.
There is no doubt that Howdens is a well run business. It holding strong margins and growing turnover at a time when you see the high street retailers having a torrid time. The financial results are out at the end of this month and it will be interesting to see if the model has continued to grow, get the formal peak trading numbers and get an update on what the business decides to do with the cash it’s generating. When there is £200m+ sat in the bank us shareholders should expect an investment strategy for growth or diversification, or a further share buy back plan.
This is a good , well run Company which will survive no matter what happens in the near future . Constant drip , drip of negative unfounded comments do not help . Joining that club has eroded our confidence , our elected representatives have a lot to answer for .
Pleased to see Howdens have decided to close the non profit making tests in mainland Europe whilst focusing on the UK and profit making depots in France. With plans to move into Ireland this is a clear focus on value for shareholders.
The market is probably cautious about this being the first major update since new CEO. Personally I think the Nov update will be more than just news of trading figures as it’s been long enough now since MI departed for an update on future strategy. With recent news of competitors to Howdens being flat any growth in revenue should be well received. Investors should also be asking what will happen with the 100’s of Millions in the bank. The share buy back uses only a fraction of this so let’s see what Howdens is intending to do with all that cash reserve that has been built.
Trading update on 8 November I note. Let's hope there is something positive and not the same old same old! This company just seems to plod along - a + trading update followed by a little spike in SP followed then by a large drop. The result then being no growth for us shareholders at least - what is it the market does not believe?
Any negative news could affect the price yes, and if Mateus gate is true then it is stupid enough to make a story the press would latch onto. Personally I’m pleased MI is not at the helm as he was way to eccentric imo for a business aiming for the FTSE100. Personally I also think Mateus is awful.
Should I worry about my stock holding? Before Sir Phillip Green was named yesterday in parliament for bullying and racial abuse against his staff I actually wondered, from paperwork I have seen, if the unnamed CEO was actually Howdens chairman Matthew Ingle. There is currently an outstanding tribunal claim by a BAME manager claiming abuse took place in public at an Indian restaurant in Surrey amidst further allegations of abuse against BAME restaurant staff allegedly for not having Mateus Rose. All this information is known by the Howdens HR team and my understanding is the tribunal paperwork is already in the public domain. With all the hype around Sir Phillip and the #metoo campaign do you think when the tribunal convene on this matter later this year that, any, press hysteria may adversely affect the Howdens share price?
It’s the first week of the peak trading period for Howdens. If Howdens has a poor period 11 it affects the annual profits significantly. Markets will most likely be nervous about this years potential figures. Last year there was a trading update at the start of November, expect the same again this year.
i Have heard that HJ staff at branches have been talking about growth towards 2.0bn sales, currently at 1.4. With more depot openings planned and those to mature it’s not hard to understand how this could be achieved. I find it strange why there appear to be so few PI’s interested in this company especially when so many traditional uk retailers are fairing so poorly. Would be interested to hear others views on this.
First quarter trading update and the good new keeps coming :-
Howden Joinery trades from 664 depots in the UK, with 3 new depots opened so far this year. We plan to open up to around 30 new depots in the UK during 2018. We are on track to refresh our product offering and expect to bring 19 new ranges to market during 2018.
Next scheduled announcement The Group will release its 2018 Half Year Report on 26 July 2018. Pleasing to note a really positive and upbeat statement. ATB
the Company will be paying a final dividend for 2017 of 7.5 pence per share (2016 final: 7.4 pence per share) on 22 June 2018 (payable to ordinary shareholders on the register on 25 May 2018), giving a total dividend for 2017 of 11.1 pence per share.
Another great set of results from Howdens. They really do what they say. Nice to see turnover jump into the 1.4bn territory. With share but back planned, £240m cash in the bank and more depot openings to go at what is not to like. After this weeks poor results from Travis Perkins this reinforces what is already known, the business model works. A new chairman now started so this year could be further pivotal to growth. Good work Howdens !