Preliminary Results for the 53 weeks ended 30 December 2006
06 March 2007
- Revenue from continuing operations £733.0m (2005: £621.8m).
- Howden Joinery up 9.5% (5.9% on same depot basis) to £676.3m (2005: £617.8m).
- Howden Joinery operating profit before exceptional items up £9.2m to £132.6m.
- Gross margin up 110 basis points.
- Cost of Supply, our sourcing and manufacturing business, before exceptional items down £9.2m to £39.6m.
- Group operating profit before exceptional items up £11.6m to £65.7m.
- Profit before tax and exceptional items from continuing operations rose £14.7m to £57.2m.
- Profit before tax after exceptional items from continuing operations £25.0m (2005: £29.8m).
- Basic earnings per share before exceptional items from continuing operations 6.1p (2005: 4.7p).
- Basic earnings per share from continuing and discontinued operations (28.7)p (2005: (21.3)p).
- Net cash inflow of £51.4m meant the Group had net borrowings of £4.1m at 30 December 2006.
- Disposal of MFI Retail business completed – transitional arrangements performing satisfactorily.
- Loss on disposal and associated provisions of £187.4m.
- 40 new Howden Joinery depots opened in 2006.
Galiform's Chief Executive, Matthew Ingle said:
"2006 was a year of major transformation for the Group. With the disposal of MFI Retail, we are now focused on the successful Howdens business which continues to enjoy a strong position in a rapidly changing market. Going forward, we have great opportunities to grow Howdens, capitalising on its unique strengths."
The full results are available to download in PDF format (285kb)
Enquiries:
| Investors/analysts: | |
| Gary Rawlinson Head of Investor Relations |
+44 (0)207 404 5959 (6 March only) +44 (0)207 535 1127 +44 (0)7989 397527 |
Media:
| Brunswick | +44 (0)207 404 5959 |
| Susan Gilchrist/ Fiona Laffan/ Anna Jones |
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Business Model and Strategy
Find out more about our business model and strategy, the markets in which we operate and our strategic approach to protect our unique business model and ensure that the business continues to grow.
Depots
As a familiar sight across towns and cities in the UK and Europe, our depots are always within easy reach, so a trade professional never has far to travel to find their nearest Howdens. Get to know more about how each one operates.
Sustainability
Our sustainable behaviour is at the heart of our business and enables us to reduce some of our risks. We take great pride in ensuring that our business positively impacts the world around us and the people within it.
Community
We are passionate about supporting the local communities we operate in, which is why our depots and support staff actively seek ways to give something back. Whether it is running half marathons or sponsoring local Scout groups, discover the many ways we help good causes.
Products
With around 80 kitchen ranges, our exclusive Lamona appliance brand, and thousands of products across joinery and hardware, learn why our builders have come to trust the range and quality of the products we offer.
People and Careers
The Sunday Times named Howdens as one of the top 25 big companies to work for. Discover why Howdens is a great place to work, how we develop our people and reward them, whilst building a culture with an entrepreneurial spirit.
Financial Results
Download copies of the latest financial results for Howdens both past and present including the associated presentations and Interim Management Statements released between results announcements.
Governance
Howdens is a responsible business which was founded on the tenet that the Company should be worthwhile for all concerned, with a commitment to the people within its reach and the wider world. Here we provide the links to the framework that informs our decisions and outcomes.