Group sales rose 3.3% in H1 2026 to £1,030.6m, with trading-adjusted sales up 3.7% year-over-year, despite a challenging market.
Industry-leading gross margin was maintained at 62.8%, with gross profit and underlying profit before tax both ahead of last year.
Record number of customer accounts in the UK and continued volume growth in kitchens, positioning for further market share gains.
Acquisition of DIY Kitchens for c.£400m expands addressable UK customer base and is accretive to revenue, EBIT, and EPS.
Maintained robust balance sheet and advanced on all strategic fronts, fully meeting expectations.
Underlying profit before tax up 4.3% to £122.2m; underlying EBIT up 5.5% to £128.1m; EBIT margin at 12.4%.
Underlying EPS grew 5.5% to 17.3p year-over-year.
UK revenue increased 3.3% to £991m; international depot revenue up 12% (13% adjusted).
Gross margin improved by 70bps, reflecting price increases and efficiency gains.
Cash at period end: £332.8m; strong operating cash flow of £208.3m; CapEx in H1: £40.5m.
Outlook for 2026 unchanged; business on track to meet full-year expectations.
UK kitchen market expected to remain flat year-over-year in value, slightly down in volume.
Inflationary headwinds for 2026 now expected at £40m, £10m higher than previous guidance.
Peak trading period in autumn anticipated, with strong product lineup and high stock availability.
£100m share buyback to be completed in H2; capex for 2026 anticipated at £125m.
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