(Alliance News) - Howden Joinery Group PLC on Thursday said higher expenses hurt its annual profit, but said it is on the right path to meet its 2024 outlook.
The London-based kitchen and joinery supplier said pretax profit dropped 19% in 2023 to GBP327.6 million from GBP405.8 million. It said that this included GBP17 million of additional costs relating to a 53rd week. Before these costs, pretax profit was down 15%.
Revenue fell 0.3% to GBP2.31 billion in 2023 from GBP2.32 billion a year earlier.
On the back of the results, Howden upped its dividend by 1.9%, bringing the total dividend for the year to 21.0p, up from 20.6p.
Looking ahead, the company said it is on track with its outlook for 2024.
Chief Executive Officer Andrew Livingston said: "Our robust balance sheet underpins our strategy as we invest in growth, including expanding our manufacturing and supply chain capabilities, and returning surplus capital to shareholders. While we are cautious about the macroeconomic and geopolitical environment, given the encouraging start to the year and the agility of our business model, the Board is confident in the outlook for 2024."
Shares in Howden rose 7.8% to 833.00 pence each in London on Thursday morning.
By Sabrina Penty, Alliance News reporter
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Howden Joinery (HWDN)