Howden Joinery Group, the U.K.-based manufacturer of kitchen and joinery products, announced a 23% decrease in pretax profit for the first half of the year. Despite an increase in revenue, higher costs impacted the company’s financial performance. The company remains optimistic about its full-year prospects and maintains its guidance.
Financial Highlights
- Pretax profit for the half year ended June 10 amounted to £111.9 million ($144.8 million), compared to £145.0 million in the same period last year.
- Group revenue reached £926.9 million, a slight rise from £913.1 million previously. The U.K. market contributed revenues of £895.1 million, up from £889.3 million.
Dividend Declaration
The board declared a dividend of 4.8 pence per share for the first half of 2023, as opposed to 4.7 pence in the previous year.
Outlook
Although Howden Joinery Group expresses caution about the short-term macroeconomic outlook for their markets, Chief Executive Andrew Livingston remains confident in the company’s progress for the remainder of 2023. As a result, their full-year expectations are unchanged.