Howden Joinery to beat market expectations in full year results

 
Caitlin Morrison
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Joinery firm Howden, which specialises in kitchen fittings, enjoyed a share boost yesterday
SHARES in kitchen makers Howden Joinery Group were up by 4.84 per cent yesterday, after the company reported that profit for 2014 was likely to exceed expectations.

The firm said the good trading performance seen in 2014 until the end of period reported on 5 November, continued for the rest of the year. It added: “As a result, it is expected that profit before tax for 2014 will be above the range of market expectations.” The previous expected range was around £172m to £179m.

Howden revealed that total sales from its UK depots for 2014 were up 14 per cent, to approximately £1.07bn, compared with £940.7m in 2013.

The group opened 30 new depots in the UK during past year, bringing its total number to 589, as well as two new operations in Belgium.

Analysts at Numis said yesterday’s update was “further evidence that the company is seeing the benefits of an improving underlying market which complements the business model which continues to drive self-generated sales and margin growth”.