Sales and profits improve for Howdens
Howden Joinery, which has depots across the West Midlands, enjoyed growth in sales and profits last year.
Group revenue was up 10.8 per cent on 2021 at £2.31 billion with £2.25bn from UK depots.
Pre-tax profit improved four per cent to £405.8 million
Howdens said the improvement reflected the strengths of its local, trade only, in-stock business model.
Chief executive Andrew Livingston said: ""Howdens delivered a strong performance in 2022, with good progress on executing our strategic priorities and further market share gains. During the year our teams have been adept at navigating the challenges of high inflation and supply chain disruption, while supporting our customers with a market leading product range, high stock availability and outstanding customer service.
"Our markets are large and fragmented which gives us a long-term opportunity for growth. In response, we are continuing to expand our depot network, improve our product range, optimise our manufacturing and supply chain, and develop our digital capabilities. We see potential for around 1,000 depots in the UK and we are now selectively expanding our business model internationally in France and the Republic of Ireland.
"Our robust financial position underpins our strategy, funding investment in our growth initiatives, expanding our manufacturing and supply chain capabilities, and supporting ongoing cash returns for shareholders."
The group achieved a record sales performance in its peak trading period in the autumn.
It opened 30 new depots in the UK, bringing the total to 808, and revamped 82 older UK depots during the year.
There was further progress on new product introductions including 21 new kitchen ranges. Sales of new products introduced in 2021 and 2022 represented 22% of UK product sales in 2022.
