Howden Joinery delivers record results
Howden Joinery, which has depots across the West Midlands, has reported record results and announced plans to grow its number of depots to 950 in the UK.
The group, which has sites in the Black Country and at Cannock, Kidderminster and Telford, saw profit growth out pace revenue growth, generating revenues of over £2 billion for the year to December 25 2021, up by over a third on 2020.
Pre-tax profit was £390 million – up more than double the figure for 2020 and 50 per cent ahead of the pre-pandemic 2019 figures.
Andrew Livingstone, chief executive at Howden Joinery Group, said: “2021 was a very successful year for Howdens as we both delivered record financial results and progressed our strategic plans for the business.
"Our performance demonstrates the strength of our trade only, in-stock local business model and our ability to meet heightened demand for our products. I would like to express my thanks to our 11,000 employees for their dedication and commitment to delivering outstanding service to our customers against a continued backdrop of Covid-19 and supply chain challenges.
“We believe there is now potential for at least 950 depots in the UK and we are expanding our presence in France and the Republic of Ireland. We continue to invest in our depot network, market leading products, manufacturing and supply chain, and digital capabilities, all of which improve service to our customers and help us take advantage of market opportunities.
"Our robust balance sheet gives us the flexibility to continue to invest in our growth plans for the business at the same time as delivering enhanced returns to shareholders through ordinary dividends and share buy-backs.”
Despite this positivity the business did warn that if there was a slowdown within its key market of small builders working in owner occupied and or private and public sector rented housing there would be a knock-on effect upon its sales.
"We have made an encouraging start to 2022 and are confident in our resilient business model across changing market conditions," the company added.
