Howdens Joinery has produced what it calls “outstanding results” for 2010, given the tough economic climate.
The company reported group revenue of £807.9m (2009: £769.5m) and operating profits of £107.4m (2009: £79.5m).
The gross profit margin increased from 56.2% to 59.8% and in the past two years has risen 6.0 percentage points as a result of “continued focus on selling prices and purchasing costs”.
Despite the difficult economic climate, Howden continued to invest in 2010, opening 27 new depots, taking the total to 489, and investing £12.3m in operating costs to support growth, including 180 additional staff at existing depots.
Depot total sales for the first two periods of 2011 (to February 19) were up 14.2% on the same periods last year, with sales on a same depot basis up 11.6% – partly a reflection of the impact of bad weather at the start of 2010.
Chief executive Matthew Ingle said he expected the market to continue to be “challenging” this year and he remained cautious about the outlook.
