Howden Joinery upgrades profit expectations after continued strong trading

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Howden Joinery Group PLC (LON:HWDN) has upgraded its full-year profit expectations after a period of strong trading.

The supplier of kitchens and joinery products to the building trade said profit before tax for the year to end December 2020 is estimated to be around 10% above the top end of current analyst forecasts, which stand at £123mln-£152mln.

READ: Howden Joinery mulls dividend payments next year after strong autumn peak trading period

Last year, the FTSE 250 group delivered a profit before tax of £260mln.

In the period from November 1 to November 28, 2020, the firm said its UK depots saw total revenue jump by 17% on a like-for-like basis, while total UK revenue for the year to date slipped by 5% compared to 2019.

Last month, the firm said it experienced a strong autumn peak trading period due to pent up demand since the coronavirus pandemic lockdown and a high level of stock availability.

Shares jumped 8% to 695.2p early on Wednesday.

–Adds shares–

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