Howden Joinery Group (HWDN) Trading Update summary

Trading performance

• Group underlying revenue grew 3.0% year-on-year for the first 16 weeks of 2025, with international revenue up 17.0% and UK revenue up 2.6%.

• On a same depot basis, group revenue rose 1.8%, with UK up 1.4% and international up 14.8%.

• Absolute group revenue increased 1.2%, with international operations showing the strongest growth.

• Price increases were implemented across all geographies and are being retained at acceptable levels.

• Trading is in line with expectations and the outlook for 2025 remains on track.

Strategic initiatives and business developments

• Plans to open 20-25 new UK depots and refurbish around 60 existing ones in 2025.

• Launching 23 new kitchen ranges and expanding fitted bedroom offerings to broaden product appeal.

• Enhanced CRM system rollout in H1 to support depot teams and improve customer relationship management.

• Strong adoption of click-and-collect service, benefiting from real-time stock availability.

• International focus on building depot team capabilities and driving sales, especially in France.

Capital allocation and financial position

• £100m share buyback programme underway, with 1.6 million shares acquired at an average price of 721p.

• Strong balance sheet supports ongoing investments and shareholder returns.

• Group expects to complete the buyback within the current financial year.