Business
2024 Half Year Results
2024 Half Year Results.
About this update from Howden Joinery Group Plc
[{"type":"text","content":"\n\n \n\n\n\n\n \nHowdens' Half Year Results Statement \n Encouraging performance with further market share gains led by strategic initiatives. On track with 2024 outlook.\n\n\n\n\n\n\nResults summary\n\n\n\n\n£ millions (unless stated)\n\n\nH1 20241\n\n\nH1 2023\n\n\n\nvs 2023\n\n\n \nvs 20192\n\n\n\n\nGroup revenue\n\n\n966.3\n\n\n926.9\n\n\n+4.3%\n\n\n+48.1%\n\n\n\n\n - UK\n\n\n933.7\n\n\n895.1\n\n\n+4.3%\n\n\n\n\n\n\n\n - International\n\n\n32.6\n\n\n31.8\n\n\n+2.5%\n\n\n\n\n\n\n\nGross profit margin, %\n\n\n60.8%\n\n\n61.0%\n\n\n\n\n\n\n\n\n\n\nOperating profit\n\n\n117.2\n\n\n117.0\n\n\n-\n\n\n\n\n\n\n\nProfit before tax (PBT)\n\n\n112.3\n\n\n111.9\n\n\n-\n\n\n+43.8%\n\n\n\n\nBasic earnings per share, p\n\n\n15.4p\n\n\n15.4p\n\n\n-\n\n\n\n\n\n\n\nInterim dividend per share, p\n\n\n4.9p\n\n\n4.8p\n\n\n+2.1%\n\n\n\n\n\n\n\nCash at end of period\n\n\n165.5\n\n\n117.8\n\n\n\n\n\n\n\n\n\n\n1 The information presented relates to the 24 weeks to 15 June 2024, and the 24 weeks to 10 June 2023, unless otherwise stated.\n2 2019 is shown for comparison being the last year of trading before the start of the COVID pandemic.\n \nHighlights\n- Revenue of £966.3m was 4.3% ahead of last year.\no Good UK revenue growth in H1 in a challenging marketplace, gained market share in the period.\no International business on track with an improvement in depot performance.\n- Maintained industry leading gross margins of 60.8%.\n- Profit before tax of £112.3m in line with last year, after £16m investment in our strategic initiatives in H1. Majority of cost increases due to higher inflation offset by productivity and efficiency improvements.\n- Strong balance sheet with £165.5m of cash at end of the period.\n- Interim dividend increased by 2.1% to 4.9p per share.\n- Continued progress on sustainability. Howdens' Net Zero plan approved by Science-Based Targets Initiative (SBTi) in January 2024.\n- Performance since the start of the second half in line with management's expectations. The Group is on track with its outlook for 2024.\nCommenting on the results Andrew Livingston, Chief Executive...