Howdens Gains Market Share After Strong Half-Year Performance
UK: Howdens revealed that it gained market share with revenue of approximately US$1.25 billion during the 24 weeks ending June 15, 2024, marking a 4.3% increase compared to the previous year. The profit before tax remained steady at around US$145 million, despite a US$20.7 million investment in the company's strategic initiatives in H1. The report attributed most cost increases to higher inflation, which was offset by productivity and efficiency improvements. Howdens has opened 10 new depots in the UK and one in the Republic of Ireland, with plans to establish approximately 30 additional UK locations and 5 new international depots this year. For 2024, the company will introduce 11 new kitchen ranges, update its joinery paint-to-order and solid work surface offerings, and expand its product lineup with new bedroom ranges. Regarding current trading and the outlook for 2024, the company noted that, despite the continued challenging market environment, its builder customers remain busy.
Source: Howdens
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