Business
2023 Half Year Results
2023 Half Year Results.
About this update from Howden Joinery Group Plc
[{"type":"text","content":"\n\nFurther market share gains and on track for 2023\nResults summary\n\n\n\n\n£ millions (unless stated)\n\n\nH1 20231\n\n\nH1 2022\n\n\nChange\nvs H1 2022\n\n\nChange2 vs H1 2019\n\n\n\n\nGroup revenue\n\n\n926.9\n\n\n913.1\n\n\n+1.5%\n\n\n+42.0%\n\n\n\n\n - UK\n\n\n895.1\n\n\n889.3\n\n\n+0.6%\n\n\n\n\n\n\n\n - International\n\n\n31.8\n\n\n23.8\n\n\n+33.6%\n\n\n\n\n\n\n\nGross profit margin, %\n\n\n61.0%\n\n\n61.9%\n\n\n\n\n\n\n\n\n\n\nOperating profit\n\n\n117.0\n\n\n149.1\n\n\n(21.5%)\n\n\n\n\n\n\n\nProfit before tax (PBT)\n\n\n111.9\n\n\n145.0\n\n\n(22.8%)\n\n\n+43.3%\n\n\n\n\nBasic earnings per share, p\n\n\n15.4p\n\n\n19.6p\n\n\n(21.4%)\n\n\n\n\n\n\n\nInterim dividend per share, p\n\n\n4.8p\n\n\n4.7p\n\n\n+2.1%\n\n\n\n\n\n\n\nCash at end of period\n\n\n117.8\n\n\n249.7\n\n\n\n\n\n\n\n\n\n\n1 The information presented relates to the 24 weeks to 10 June 2023, and the 24 weeks to 11 June 2022, unless otherwise stated. The 2022 and 2021 results are presented under IFRS 16, 2019 results have not been restated for IFRS 16.\n2 2019 included to show pre-COVID-19 financial performance.\n\nHighlights1\n- Revenue growth of 1.5% against very strong prior year comparatives of +16.3%.\no UK revenue was 0.6% ahead of last year or 1.6% ahead on an underlying basis after excluding £8.3m of third party sales following the acquisition of Sheridans in 2022, not repeated in 2023.\no International revenue was 33.6% ahead of last year with continued strong growth in France.\n- Industry leading gross margin of 61.0%, normalising from an exceptional level a year ago when we benefited from early implementation of price rises ahead of inflationary cost increases.\n- Operating costs, before investments in strategic initiatives, were maintained at similar levels to H1 2022 with £23m of efficiency actions offsetting cost inflation. Profit before tax was £111.9m.\n- Robust balance sheet enabled us to continue to fund a further £32m investment in our ongoing strategic initiatives, which accounted for predominantly all the increase in H1 operating costs. These include:\no nine new depots across the Group and 28 reformats in the UK.\no further investment in manufacturing capabilities and ca...