Howden full year profits rise to 138.4m pounds on strong revenues

27th Feb 2014 12:54

Full-year pre-tax profits at kitchen maker Howden Joinery rose to 138.4m pounds from 112m pounds as UK depot revenue grew 7.8 per cent to 940.7m pounds. The company said UK depot sales in the first two periods of 2014 up to February 22 were up 7.3% on the same periods last year, in line with expectations."While fewer trading days and other one-off factors contributed to this being lower than the underlying 10% sales growth seen in the second half of last year, taking these factors and the evidence we have of trading prospects into account would suggest that market conditions remain unchanged," the company said.Overall group revenues for the year were up to £956.5m from £887.1m a year ago.Chief Executive Matthew Ingle said the company had continued to invest "in all aspects of the business, as we improve our operations and pursue the growth opportunities before us"."This included opening new depots, investment in new manufacturing capacity and the service which our existing depots provide, as well as introducing new products," Ingle said.The dividend was increased to 5.5p from 3p in 2012.Howden shares were up 7.80p to 380.1p at 13.02.FP