Howden Joinery Group (HWDN) Trading Update summary

Trading performance and market share

• Group revenue for periods 7 to 11 was down 0.1% year-on-year, with like-for-like revenue down 1.9%.

• UK revenue in the period declined 0.6% (down 2.2% like-for-like), but year-to-date UK revenue is up 1.7%.

• International operations grew 18.2% in the period, or 9.4% like-for-like, with France benefiting from new leadership.

• Market share gains were achieved despite weak consumer spending and macroeconomic uncertainty.

• Strategic focus on productivity, efficiency, and cost management is supporting profitability.

Outlook and guidance

• 2024 profit before tax is expected to be within the consensus range (£328m–£350m), likely at the lower end.

• Near-term market conditions into 2025 are expected to remain challenging due to subdued consumer sentiment.

• Profitability is supported by market share gains and proactive cost management.

• The business model is considered well-positioned for medium-term progress.

Strategic initiatives and investments

• Plans to open around 30 new UK depots and revamp 85 existing sites in 2024.

• Five new international sites are expected to open this year.

• Eleven new kitchen ranges launched in 2024, with ongoing investment in production capacity.

• Digital platform enhancements include 'Live Stock' and a new 'Click & Collect' service for trade customers.