Overview of performance in 2024¹

Howdens has performed well in a challenging market, gaining further market share. We have continued to invest in developing our kitchen and joinery ranges, opening more depots, and in new digital capabilities. We are also investing in our manufacturing operations and supply chain to support our trade customers with high-quality, easy-to-fit products that are reliably in stock.

Whilst we anticipate the kitchen market may contract further in 2025, we are confident that our differentiated model, combined with our strategic initiatives, mean we are well placed to gain further market share. Reflecting the Group’s strong financial position, we have announced a £100m share buyback programme while continuing to invest in the business.

Highlights¹:

• Group revenue of £2,322.1m in line with last year.
  • UK revenue of £2,247.4m was 0.3% ahead of last year reflecting ongoing market share gains, despite a contraction in the UK kitchen market
  • International revenue was 9.7% ahead of last year in local currency with good progress in building out the trade-only business model in France and the Republic of Ireland.
• Maintained our industry leading gross margin of 61.6%, which included the benefit of purchasing and manufacturing efficiencies. 
• We have offset the majority of inflationary costs increases through efficiency savings and cost control while investing in our medium-term strategic initiatives.
• Investment included 29 new depots and 76 depot reformats in the UK, 11 new product ranges, further digital development and upgrades to manufacturing and supply chain.
• Profit before tax of £328.1m was in line with last year.
• Strong cash generation and robust balance sheet with year-end cash of £343.6m.
• Proposed final dividend of 16.3p, bringing the total for the year to 21.2p, up 1.0%.
• £100m share buyback announced
  

¹ The information presented relates to the 52 weeks 28 December 2024 and the 53 weeks to 30 December 2023 unless otherwise stated.

² Comprises Howdens’ depots in France, Belgium and the Republic of Ireland (ROI).