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Made in
the UK
Annual Report and Accounts 2023 Howden Joinery Group Plc
2023
Available through
the Trade only
The UK’s number 1
trade kitchen supplier
Annual Report

Howden Joinery Group Plc
Financial Statements Page Title
The UK’s #1
specialist trade-only
kitchen supplier
We make builders’ lives simpler.
We help them to achieve exceptional results


Contents
Strategic Report
How we create value
Financial Statements

Governance
How we preserve value
Additional Information
Additional information
02 Performance in 2023
04 Howdens at a glance
08 Our purpose, our culture & values,
our market, our strategy and

16 Chairman’s statement
19 
28 Key performance indicators
30 Financial review
36 Risk management
38 Principal risks and uncertainties
42 
69 
148 Independent auditor’s report
162 Consolidated income statement
162 Consolidated statement of
comprehensive income
163 
164 Consolidated statement of
changes in equity
165 
166 
statements
205 
206 Company statement of changes in equity
207 
212 Parent company and all

213 Five year record
214 Shareholder and share capital information
216 Shareholder Ranges
216 
217 
74 Corporate governance report
76 Board of Directors, key Board activity,
and Executive Committee and
Company Secretary
82 Directors' duties (Section 172(1) statement)
84 Stakeholder engagement
92 2018 UK Corporate Governance Code:
application and compliance
98 Nominations Committee report
108 Remuneration Committee report
132 Audit Committee report
140 
143 Directors’ report, Directors’ statements

information
Financial Statements
Additional Information Governance
Howden Joinery Group Plc
Annual Report & Accounts 2023
Strategic Report
Strategic Report

Operational highlightsFinancial highlights
Near-term
Science-based
Net Zero targets
approved
Making more
products in our

Continuing to
strengthen our

Revenue
Gross
margin
£2.3bn
60.8%
Operating

Earnings
per share
£340m
46.5p


2023 FY
dividend
£328m
21.0p
£114.1m
£283m
£50m
Dividends
paid in year
Net cash
at year end
Share
buybacks
* 2021 included a special dividend of £54.1m.

2023, against record prior year comparatives
and in, as we anticipated, a more challenging
marketplace.

programme, which is focused on our key capabilities and gives us, end
to end, a stronger business.
new UK depots
32
new depots

new depots
in Republic

new kitchen
ranges
5
5
23
£2.3bn
60.9%
£415m
65.8p
£406m
£308m
£250m
£115.0m
20.6p
£2.3bn
60.8%
£340m
46.5p
£328m
£283m
£50m
£114.1m
21.0p
£1.6bn
62.3%
£260m
35.0p
£261m
£267m
£126m
£70.6m
3.9p
£1.5bn
60.1%
£196m
25.0p
£185m
£431m
£10m
£0.0m
18.2p
£2.1bn
61.6%
£402m
53.2p
£390m
£515m
£50m
£133.6m
19.5p
2023
2023
2023
2023
2023
2023
2023
2023
2023
2022
2022
2022
2022
2022
2022
2022
2022
2022
2021
2021
2021
2021
2021
2021
2021
2021*
2021
2020
2020
2020
2020
2020
2020
2020
2020
2020
2019
2019
2019
2019
2019
2019
2019
2019
2019
Financial Statements
Additional Information Governance
03
Howden Joinery Group Plc
Annual Report & Accounts 2023
02
Howden Joinery Group Plc
Annual Report & Accounts 2023
Strategic Report
Strategic Report Strategic Report Page TitleStrategic Report Page TitlePerformance in 2023Strategic Report
Strategic Report
Resources and
relationships
• Decentralised business
model
• Empowered local depot
managers, close to the
trade
• Trusted customer
relationships with around
half a million builders
• Local depot network

• The right product.


Outcomes
• Happy builders and end-users
 
margins and strong cash generation
• Returns to shareholders
– our employees
– new depots
– new product
– new manufacturing and logistics
– digital
• Giving back to local communities
• Science-based Net Zero targets in place
Resources and relationships
• Trade-only, with excellent service
• Helping our trade customers to succeed


– Design and planning services
– Home visits for end-users
– Marketing materials
– The right product. In-stock in local depots
 
• Digital tools to help the trade and end-users
Supporting
the builder
Worthwhile

UK

& distribution
Global
sourcing
Nationwide
depot network
Resources and
relationships
• Skilled and motivated
workforce
• UK’s largest kitchen
supplier – economies

• Our own factories – the
choice to make or buy
• Our own warehousing
and distribution network
Resources and
relationships
• Global supply chain
expertise
• Trusted supplier
relationships, and the
scale of our operations,



• Responsible purchasing
practices
The UK’s largest
specialist trade-only
kitchen supplier
Howdens at a glance
At Howdens, we aim to be the best at what we do – the supply of
kitchens, joinery products and related services to tradespeople.
We do this by having a single-minded focus on our trade customers with
all our operations designed and structured around making life easier
for them, so that by trading with us they can get their jobs done right
first time for their customers.
Financial Statements
Additional Information Governance
05
Howden Joinery Group Plc
Annual Report & Accounts 2023
04
Howden Joinery Group Plc
Annual Report & Accounts 2023
Strategic Report
Strategic Report Strategic Report Page TitleStrategic Report Strategic Report Page TitleHowdens at a glance
How we
create value
Strategic Report
Performance
and Howdens
at a glance
Chief Executive

review
Our purpose,
culture
and values,
market,
strategy and
business
model
KPIs

statement
Risk
management
and principal
risks and
uncertainties
Sustainability
matters
Going concern
and Viability
Statements
02
19
08
28
16
36 42 69
Financial
review
30
08 Our purpose, our culture & values, our market,
our strategy and our business model
16 Chairman’s statement
19 
28 Key performance indicators
30 
36 Risk management
38 Principal risks and uncertainties
42 Sustainability matters
69 Going concern and Viability statements
Strategic Report
Financial Statements
Additional Information
Governance
07
Howden Joinery Group Plc
Annual Report & Accounts 2023
06
Howden Joinery Group Plc
Annual Report & Accounts 2023
06 0706 07
Strategic Report Strategic ReportPage Title Page Title
Strategic Report
Our purpose-driven approach
Our purpose
Business model
Culture & values Sustainability Governance
Markets
Long-term value for our stakeholders
Strategy
Risks
To help our trade customers achieve exceptional results for their






Focus on climate

A clear governance




supported by UK manufacturing and







Effective risk monitoring

See page 13
See page 12
See page 10
See page 42See page 11 See page 72
See page 14
See page 36
Culture is aligned
with purpose, values
and strategy
Our business model
and strategy generate
value for a range
of stakeholders
Sustainable behaviour preserves
our culture, maintains focus on
our business model, mitigates our
risks and addresses the needs
of our stakeholders
Our governance framework
guides all decisions
and outcomes
Our purpose drives our business model and shapes our strategic decisions
We respond to external opportunities and mitigate threats
Strategic Report
Financial Statements
Additional Information
Governance
09
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Annual Report & Accounts 2023
Strategic Report Strategic Report Page Title
Our purpose, our culture & values,
our market, our strategy and
our business model
Strategic Report
Our purpose Our culture and values



are clear that the purpose and future success of our business



Trade service and convenience





Product leadership

the right product styles that are attractive to consumers,


Trade value
Best local trade prices enabled by in-house manufacturing,


To help our trade customers
achieve exceptional results
for their customers and to

Worthwhile for our trade customers
• 
• 
• 
• 
• 
• 
Worthwhile for our staff
• 


• 
• 

Worthwhile for our suppliers
• 
• 

• 

Worthwhile for our other stakeholders
• Delivering consistent long-term value for shareholders


• 
• 
• 
• 
Customers
Environment
and communities
Shareholders Pensioners
Staff
Suppliers
and landlords
Government and
local authorities
Howdens was founded on the principle that the
business should be worthwhile for all concerned
— customers, homeowners, tenants, local
communities, our suppliers, our investors,

This founding principle has
shaped our business model
and our strategic decisions


Strategic Report
Financial Statements
Additional Information
Governance
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Howden Joinery Group Plc
Annual Report & Accounts 2023
Strategic Report Strategic ReportPage Title Page Title