Group sales grew 3.2% to £997.6m in H1 2025 (4.3% adjusted for trading days), with market share gains in the UK kitchen segment despite a contracting market.
Gross and net profit increased faster than sales, driven by margin expansion and cost control.
International sales, especially in France and Ireland, saw double-digit growth, with ongoing depot expansion and strategic initiatives.
Strong operating cash flow and robust balance sheet enabled increased interim dividends and a £100m share buyback program, with £31.8m completed in H1.
On track with full-year outlook despite challenging market conditions, supported by product innovation and digital development.
Group revenue reached £997.6m, up 3.2% year-over-year; underlying growth was 4.3% after adjusting for trading days.
Gross profit rose to £619.6m, with gross margin up 130bps to 62.1%, sector-leading.
EBIT was £121.4m, with EBIT margin at 12.2%; profit before tax was £117.2m.
EPS increased 6.5% to 16.4p, aided by share buybacks.
Cash at period end: £321.4m, up from £165.5m year-over-year.
Performance in H2 so far is in line with expectations; full-year outlook remains on track despite continued market challenges.
Market conditions expected to remain tough, with the kitchen market likely to contract again but less than last year.
Capital expenditure for 2025 anticipated at £125m, including the Runcorn site freehold purchase.
Tax rate for the year guided at ~24%, lower than prior due to patent box benefits.
£100m share buyback program to be completed in H2; dividend timetable confirmed.
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