Howden’s profits increase in Q1

Howden Joinery has seen an upsurge in profits in the 16 weeks to April 2016.

The company saw revenue grow by 8.7%, compared with the same period last year. Howdens said this was in line with expectations.

It also reported good progress on the implementation of a price increase so far this year, although currency movements did have an effect on cost of goods sold.

The company has also reported it is on track to open the 30 new stores planned throughout 2016. Six new depots have been opened so far and it is currently trading from 625 depots in the UK.

As part of its £70 million share buyback programme announced in February 2015 and the £55m programme announced in February 2016, it has acquired 11.2m shares to date, with a value of £52.8m.

The group will release its half yearly report on July 21.

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