Howden Joinery Group Plc ('the Group') is today publishing its Interim Management Statement covering the year to date. Trading information is in relation to the first four periods of 2012 (to 14 April 2012).

Trading

In the first four periods (16 weeks) of 2012, Howden Joinery UK revenue was up 5.9%, increasing by 4.0% on a same depot basis. Within this, total revenue in the two most recent periods was up 9.4%, helped by the relatively weak comparative periods.

Direct comparisons with last year are made difficult by a number of factors, including the timing of bank holidays and price increases, the latter having been in February this year and June last year.
However, the Board is pleased with performance in the year to date, whilst remaining cautious about the outlook for the rest of the year, given the prevailing economic environment.

So far in 2012, the gross profit margin performance is in line with market expectations for the full year¹.

Note 1: The current range of market expectations is believed to be 59.3% to 59.8%.

Legacy properties

The liability for a further legacy property has been removed since the publication of our 2011 Preliminary Result, a small cash payment being made to the landlord of the property.

For the year to date, the leases of three properties have been terminated at a cost of £7.7m, mitigating total future liabilities that would have totalled nearly £20m. As a result, the Group now has 18 legacy properties remaining.

Depot openings

We are currently planning to open around 20 new depots this year. With one new depot having been opened so far, Howden Joinery is now trading from 510 depots in the UK.

There have been no other material changes to the financial position of the Group in the period save as a result of the usual impact of the level of trading and those other matters disclosed herein.

Next scheduled announcement

The Group will release its 2012 Half Yearly Report on 19 July 2012.