Howden Joinery interim profit up 8pc

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.

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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