Despite Covid and a slowdown in the construction sector, Howden's has again outperformed the Kbb market and shown that Howdens impressive growth is far from running out of steam.
Howden Joinery Group, in posting its half-yearly results has shown that the UK's largest trade kitchen retailer hasnt just returned to pre-covid fortunes, but that it has increased it's total (half-yearly) revenue to £913.1 million, which is 16.3% ahead of last year and 39.9% ahead of pre-Covid levels in 2019.
Whilst the half-yearly revenues are up from £784.9m in 2021 to £913.1m in 2022 it should also be noted that for the full year of 2021, revenues were £2.5bn and up from £1.5bn in 2020. Profit before tax on the full year of 2021 was up to £390m from £185m in 2020.
Commenting on the financials of Howdens impressive growth, Andrew Livingston, Howdens chief executive 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.
“Our sector leading service and well-established and focused growth strategy ensured we continued to outperform the market. Our kitchen and joinery markets are large and attractive, and we are prioritising investment in future growth through execution of our strategic initiatives.
“Howdens has good momentum going into the second half of the year which includes our all-important peak trading period. We will continue to manage inflationary pressures according to market conditions to achieve the right balance between pricing and volume. We are confident in our resilient business model while recognising that we will be trading against record revenue comparatives. While watchful of market conditions and consumer sentiment, the group remains on track with its outlook for the full year.”
Howdens now operates some 834 depots (as of July 2022) with 790 in the UK, 40 in France, 2 in Belgium and 2 in the Republic of Ireland with a group head count in excess of 11,000 employees.
With an estimated market share of 27 per cent Howdens are the UK’s leading supplier of fitted kitchens to trade customers throughout the UK.
That Howdens have been able to maintain its market share and grow both its revenues and profit in exceptionally challenging times is a testament to its customer appeal and executive management as the business has consistently been able to outperform the wider Kbb market.