Kitchen seller Howdens posts ‘strong’ performance as home improvement boom continues
Kitchen seller Howdens today posted “strong” financial results for the first half of 2022, as the firm said it “remains on track” to deliver end of year results “well ahead of pre-Covid levels in 2019.”
The London headquartered firm said it continued to “manage effectively ongoing inflationary and supply chain pressures” as it set out plans for further growth.
For the first 24 weeks of the year, Howdens posted revenues of £913.1m, a figure 16.3 per cent higher than last year and 39.9 per cent higher than before the pandemic in 2019.
The higher revenues saw the firm post pre-tax profits of £145m, up 21.6 per cent on 2021 and up 85.7 per cent on 2019.
The higher revenues come after the kitchen and joinery company opened 18 new stores, including 10 in the UK, seven in France, and one in the Republic of Ireland
Howdens chief executive Andrew Livingston said: “Howdens delivered a strong financial performance in the first half, well ahead of pre-COVID levels in 2019, as we continued to manage effectively ongoing inflationary and supply chain pressures.”
“We will continue to manage inflationary pressures according to market conditions to achieve the right balance between pricing and volume.”
“While watchful of market conditions and consumer sentiment, the Group remains on track with its outlook for the full year.”