Howden Joinery Grp Ord (HWDJF) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:04.417 Good morning, everyone, and welcome to Haydn's 2025 00:00:04.417 -- 00:00:07.138 results presentation. 00:00:07.381 -- 00:00:11.025 So I'll begin by introducing our performance for the year. 00:00:11.025 -- 00:00:17.414 Jackie Calloway, our CFO, will then review our financial results for the period. 00:00:17.414 -- 00:00:22.741 And then I'll share my perspectives on our 2025 performance and our plans 00:00:22.741 -- 00:00:27.184 for this year. And then we'll take your questions. 00:00:27.503 -- 00:00:33.071 The business advanced on all fronts in as we anticipated the challenging UK 00:00:33.071 -- 00:00:34.813 marketplace. 00:00:34.813 -- 00:00:37.857 The results were at the top end of our expectations 00:00:37.857 -- 00:00:41.900 and we've made an encouraging start to 2026. 00:00:42.243 -- 00:00:47.491 Group sales were up 4% year on year with the business continuing to perform 00:00:47.491 -- 00:00:51.601 well in the final two periods of the year. 00:00:51.601 -- 00:00:56.286 In the UK, we gained kitchen market share, which helped us mitigate a small single-digit 00:00:56.286 -- 00:00:59.509 decline in the overall market size. 00:00:59.509 -- 00:01:04.895 Our kitchen volumes rose, which helped us consolidate the significant market share gains 00:01:04.895 -- 00:01:09.941 that we've made over the past five years or so, with our longest established depots 00:01:09.941 -- 00:01:16.045 making a substantial contribution to the share gains that we've made over this period. 00:01:16.207 -- 00:01:21.153 We delivered an industry-leading gross margin with gross profit up on last year, and 00:01:21.153 -- 00:01:26.158 we balanced recovery of cost rises with our commitment to providing competitive pricing 00:01:26.158 -- 00:01:28.220 for our ...