Kitchen supplier Howden Joinery said half year profit rose following improved sales at its UK depots as expectations for the year as a whole remain unchanged.
On a cautionary note, chief executive Matthew Ingle said the group is cautious about the outlook in what remain difficult market conditions and it will continue to respond to the prevailing conditions.
The firm, which supplies kitchen, bathroom cabinet and joinery products, said UK depot revenue increased by 6.8% to £357.7m during the half year to 9 June 2012 and rose 5% on a same depot basis.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Total pre-tax profit climbed to £25.4m from £23.5m while group revenue rose to £364.6m from £341.7m in 2011.
Gross profit margin increased to 60.1% from 59.3% a year earlier while operating profit rose to £29.1m from £25.5m before.
Howden, which resumed its dividend payments this March this year after a four-year break, has declared an interim payment of 0.3p per share.
CJ
-
8 of the best houses for sale with annexesThe best houses with annexes – from a period property in the Lake District to a 13th-century house with a two-bedroom annexe in Saltwood, Kent
-
Zelenskyy moves to appease Donald Trump – what happens now?Ukraine’s president Volodymyr Zelenskyy is conceding ground to secure the least-worst deal possible, says Emily Hohler
