(Alliance News) - Howden Joinery Group PLC on Thursday said revenue was up in the first half but profit failed to meet last year's "exceptional" levels.
The London-based kitchen and joinery supplier reported revenue for the first half of 2023 of GBP926.9 million, up 1.5% from GBP913.1 million the year prior. Howden said UK revenue grew by 0.6%, while international revenue grew by 34%, boosted by strong growth in France.
The firm said pretax profit was GBP111.9 million, plunging 23% from GBP145.0 million a year ago. Howden said last year's figure represented an "exceptional performance".
The company declared a dividend of 4.8 pence per share, up 2.1% from 4.7p per share in 2022.
Looking ahead, the company said it expects its results to be strongly weighted in the second half of the year, with autumn as its peak trading period. It added that its full year expectations are unchanged.
Chief Executive Andrew Livingston said: "Howdens performed well in the first half in a more challenging marketplace, making progress on the record year we delivered in 2022. Our trade-only, in-stock model is hard to replicate and compete with, and we are continuing to invest in our strategic initiatives to drive growth.
"We are delivering value to our customers at all price-points as we continue to gain market share and we are well set up for further success in the second half, which includes our autumn peak trading period. The combination of more local depots in convenient locations, an ever-stronger product line-up, first-class service and high stock availability, continues to represent a compelling proposition for our customers."
Howden shares rose 2.1% to 726.00 pence each on Thursday morning in London.
By Harvey Dorset, Alliance News reporter
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Howden Joinery (HWDN)