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Howden Joinery profits fall

20 July 2017 07:17

Howden Joinery's first half revenues rose to £553.0m - up from £528.9m last time - but operating and pre-tax profits fell to £66.6m and £65.6m respectively - down from £74.7m and £74.8m last time.

The group said the fall in operating profits reflected expected costs due to new distribution centre and new product introduction programme.

Chief executive Matthew Ingle said: "We delivered a solid revenue performance in the first half in line with our plans for the full year. As expected during H1 2017, we saw currency movements and additional operating costs impacting our year-on-year profitability. "The sales initiatives which began in Q4 2016 have shown positive results, with UK growth of 4.0% year-on-year in H1 2017 and growth of 6.5% for our most recent period of trading.

"We continue to develop the range of products and services we offer to broaden the entry-level appeal of the Howdens' proposition. Our investment programme remains on track and we have begun operations in our new distribution centre in Raunds, Northamptonshire. "We believe that current market conditions are stable, although we remain watchful given continuing economic uncertainties."

Story provided by StockMarketWire.com

Related Company: HWDN

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