LONDON (ShareCast) - (Sharecast News) - Trade kitchen and joinery supplier Howden Joinery said on Thursday that it was on track to meet expectations for the year after an "encouraging" start to 2023.
The company said year-to-date sales in the UK were in line with the prior year, and ahead on an underlying basis after taking into account an additional day of trading and the timing of a price increase last year.

UK depot revenue was 0.2% lower on the year and 1.6% lower on a same depot basis, reflecting "very strong" prior year revenue comparatives. After adjusting for an additional sales day in 2022, UK revenue was ahead by 1.4% and level on a same depot basis.

Howden pointed out that in the same period in 2022 - ,the 16 weeks to 16 April - results were "exceptionally high" with record levels of demand in a buoyant kitchen and joinery market.

Howden said UK sales are expected to return to more normal phasing in 2023 and the group is on track with its outlook for the year.

At the start of the new financial year, Howden implemented price increases across all geographies that are being retained at normal levels, as it continues "to maintain the right balance between margin and volume, in line with ongoing market conditions".

Chief executive Andrew Livingston said: "The group has continued to perform well in the first four periods of 2023 against record prior year comparatives. We have good momentum in the business and our customers remain busy.

"We are on track with our plans for 2023 while mindful of the second half weighting of our sales, which includes our all-important peak trading period. Our kitchen and joinery markets are large and attractive, and we are continuing to invest in our future growth through our successful strategic initiatives."

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