Howden Joinery UK depot revenue grew by 5.5% to GBP 638.1 million ($769 million), and by 3.4% on a same depot basis. Group revenue was GBP 652.6 million ($786 million), compared to GBP 619.4 million ($746 million) in 2018, as the company said in the press release received by Lesprom Network.
Gross profit margin of 61.9%, reflected a price increase in January and a more disciplined balance between volumes and price achieved in depots.
Profit before tax of GBP 78.1 million ($94 million), due to good sales growth with improved gross margin, partly offset by continued investment in the business.
Chief Executive, Andrew Livingston, said: "Howdens delivered another positive performance in the first half of 2019, with sales increasing by 5.4%, against tough volume comparators in the prior year. Just as importantly, gross margin improved as we achieved a more disciplined balance between price and volume in our depots. Profit before tax was up strongly, at GBP 78.1 million ($94 million) and we ended the half year with GBP 217 million ($261 million) in cash, having invested GBP 24 million ($29 million) in the business and having returned GBP 46 million ($55.4 million) to shareholders.”
Howden Joinery Group Plc is the parent company of Howden Joinery (Howdens). In the UK, Howdens is engaged in the sale of kitchens and joinery products to trade customers, primarily small local builders, through more than 700 depots.
