Howden Joinery Group PLC said on Thursday it expects full-year pretax profit to be in line with market forecasts despite a slight drop in revenue.
Since its half year results, the London-based kitchen and joinery supplier said total revenue was down 0.1% from a year ago. Like-for-like revenue was down a further 1.9%.
From this, total revenue in the United Kingdom went down 0.6% from a year ago, while International revenue increased 18%.
Howden Joinery said it had gained market share since its half year results against a backdrop of challenging macroeconomic conditions, exacerbated by uncertainty surrounding the autumn budget in the UK.
Current market consensus forecasts for the company’s full-year profit before tax average £341 million, with a range of £328 million to £350 million. Howden Joinery expects to meet this forecast, with the most likely outcome being towards the lower end of the range.
In 2023, Howden Joinery’s profit before tax of £327.6 million.
Chief Executive Officer Andrew Livingston said: ‘Howden Joinery has delivered another strong period of market outperformance in continued challenging conditions, underlining the strength of our trade-only, in-stock business model.’
Howden Joinery shares fell 2.9% to 822.50 pence on Thursday morning in London
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