Howden Joinery Grp Ord (HWDJF) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to the Howdens 2026 interim results presentation. I'll begin by introducing our performance in the first half and Jackie Callaway, our CFO, will then review our financial results for the period. And I'll then share my perspective on our 2026 performance to date and our plans for the remainder of the year. And then we'll take your questions. In the first half, the business continued to advance on all fronts in what remains a challenging marketplace. The results met our expectations for the period and we're on track for 2026. Group sales in the first half increased by 3.3% and we're up 3.7% on a trading adjusted basis. In the UK, the number of kitchens we sold increased and we are well positioned to take market share again this year. We maintained an industry leading gross margin with gross profit ahead of last year and we balanced recovery of cost rises with our commitment to providing competitive prices across the board for our customers. Underlying profit before tax for the period was also ahead of last year, increasing at a higher rate than reported sales with underlying operating profit increasing more so. We progressed our strategic plans for the UK business which support our trade customers and total sales of our international operations continue to increase. At the half year, we had a total of 975 depots trading, including 893 in the UK. The business delivered strong operating cash flow and we maintained a robust balance sheet. This gives us the flexibility to continue to invest in our growth plans for the business and provide shareholders with an increased interim dividend for this year. We will also return a total of 100 million to shareholders through our latest buyback programme announced in February. The interim results demonstrate...