(Alliance News) - Howden Joinery Group PLC said Thursday that 2022 has started well, as revenue increased by nearly a quarter year-on-year.
The London-based joinery company said trading in the 16 weeks to April 16 was strong, with revenue rising 22% year-on-year. The growth reflects increases in prices and volume, the company said.
On a local currency basis, revenue for its depots in Continental Europe also increased 22% year-on-year.
Over the year, Howden plans to open 25 new depots in the UK, 25 in France and five in the Republic of Ireland, as well as refurbish existing older depots in the UK.
It also updated on its GBP250 million share buyback programme, announced back in February. It has completed purchases of GBP60 million shares as of Thursday.
Chief Executive Andrew Livingstone commented: "The group has traded well in the first four periods of 2022, and we continue to invest in our in-stock, trade-only, local business model. We are mindful that it is still early in the financial year and our second half includes our all-important peak trading period.
"In addition, given an uncertain macro-economic environment, including rising inflation and energy costs we are staying vigilant for any potential headwinds in our markets.
Howden said it is confident of achieving its outlook for its full year.
Shares in Howden were up 1.2% to 779.20 pence each in London on Thursday morning.
By Elizabeth Winter; elizabethwinter@alliancenews.com
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Howden Joinery (HWDN)