Howden Joinery Grp Ord (HWDJF) Q2 2024 Earnings Call

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Replay transcript excerpt

WEBVTT 00:00:00.896 -- 00:00:04.497 Welcome to the Haydn's 2024 interim 00:00:04.497 -- 00:00:07.057 results presentation. 00:00:07.838 -- 00:00:12.099 I'll begin by introducing our performance for the first half. 00:00:12.099 -- 00:00:17.221 Paul Hayes will then review our financial results for the period 00:00:17.221 -- 00:00:22.242 and then share my perspectives on our 2024 performance to date and our 00:00:22.242 -- 00:00:27.443 plans for the remainder of the year. And then we'll take your questions. 00:00:28.095 -- 00:00:33.240 The group delivered an encouraging first half performance in, as we anticipated, 00:00:33.240 -- 00:00:36.341 a challenging marketplace. 00:00:36.384 -- 00:00:41.769 The results met our expectations for the period and we are on track 00:00:41.769 -- 00:00:43.271 for 2024. 00:00:43.271 -- 00:00:48.296 We continued with our investment program, which is focused on our key capabilities 00:00:48.296 -- 00:00:52.798 and which gives us end-to-end a stronger business. 00:00:53.112 -- 00:00:56.944 Group sales in the first half, which included an extra week's trading in January, were 00:00:56.944 -- 00:01:02.115 4.3% ahead of those in 2023 and were 48% up 00:01:02.856 -- 00:01:07.977 on 2019, being the year prior to the onset of the pandemic. 00:01:08.098 -- 00:01:13.420 In the UK, we believe we gained kitchen market share, which helped us mitigate a decline 00:01:13.420 -- 00:01:16.701 in the overall size of the kitchen market. 00:01:16.701 -- 00:01:21.493 Entry-level kitchens represented a higher proportion of the kitchens we sold with sales 00:01:21.493 -- 00:01:26.396 of product in our kitchen categories increasing at a higher rate than in our joinery 00:01:26.396 -- 00:01:28.396 categories. 00:01:28.557 -- 00:01:33.460 We maintained an industr...