Last checked at 
(Alliance News) - Howden Joinery Group PLC on Tuesday said trading in the year to April 14 was up on the prior period, making an "encouraging" start to 2024 and trading in line with expectations.
The London-based kitchen and joinery supplier said UK depot revenue was up 5.4% from a year earlier and up 4.0% on a same depot basis.
"As a result of the additional 53rd week in 2023, there was an earlier start to 2024 with depots trading in the first week of the current year when they were closed in the prior year. This 'phasing' impact corrects itself at the end of 2024," Howden Joinery noted.
Revenue in the international deposits, which represents around 3% of group revenue, was up 4.6% or down 0.1% on a same depot basis. Adjusting for the phasing impact, performance was up 2.2% or down 2.5% lower on a same depot basis.
Howden Joinery said it has implemented "modest" price increases across all geographies since the start of 2024, that are being retained at "acceptable levels" as it continues to "maintain the right balance between margin and volume, in line with ongoing market conditions".
Looking ahead, Howden Joinery said it plans to open around 30 new depots in the UK, around five to 10 new international depots and refurbish around 85 older UK depots. In the year to April 14, it has opened six new UK depots with one new international depot in the Republic of Ireland, alongside refurbishing 10 older depots in the UK.
"We have made an encouraging start to the year with trading in line with our expectations. We are also continuing to make good progress in implementing our strategic initiatives which drive profitable growth. We are on track with the outlook for 2024, while mindful of the second half weighting of sales from our Autumn peak trading period," said Chief Executive Officer Andrew Livingston.
Howden Joinery will release its half-year results on July 25.
Shares in Howden Joinery were up 0.2% to 881.50 pence each in London on Tuesday morning.
By Greg Rosenvinge, Alliance News senior reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2024 Alliance News Ltd. All Rights Reserved.
