Howdens FY profits stable in 'challenging' market, £100m buyback announced

(Sharecast News) - Howden Joinery reported broadly stable full-year profits and revenue on Thursday in a "challenging" market, as it announced a new £100m share buyback. In the 52 weeks to 28 December, pre-tax profit nudged up 0.2% to £328.1m on revenue of £2.3bn, up 0.5% on the previous year.

UK revenue was 0.3% higher at £2.2bn, reflecting ongoing market share gains, despite a contraction in the UK kitchen market.

International revenue was up 7% at £74.7m, with "good progress" in building out the trade-only business model in France and the Republic of Ireland, Howdens said.

Cash at the year-end was £343.6m, up from £282.8m at the end of December 2023.

Chief executive Andrew Livingston said: "Howdens performed well in a challenging market, gaining further market share. We continued to invest in developing our kitchen and joinery ranges, opening more depots, and in new digital capabilities. We are also investing in our manufacturing operations and supply chain to support our trade customers with high-quality, easy-to-fit products that are reliably in stock.

"Whilst we anticipate the kitchen market is likely to contract further in 2025, we are confident that our differentiated model, combined with our strategic initiatives, mean we are well placed to gain further market share. Reflecting the group's strong financial position, we have announced today a new £100m share buyback programme while continuing to invest in the business."