Trade kitchen giant Howdens closed 2024 with revenue that was roughly “in line with last year”, weathering the difficult trading year and enjoying relatively steady growth in the UK.
In its 2024 full-year results, which were released earlier today, Howdens reportedly generated £2.322bn in revenue between January and December last year. This is a 0.5% increase over 2023’s revenue figure of £2.310bn.
In the UK specifically, this margin was an increase of just 0.3%, as it saw revenue of £2.247bn, compared to the previous year’s £2.241bn. Still, this is significant result considering Howdens previously reported it had seen a dip in revenue during the back half of 2024. At the time, it blamed the slight decrease on consumer fears around the Autumn Budget which led to less customer spending.
Outside the UK, mostly bolstered by its “good progress in building out the trade-only business model in France and the Republic of Ireland”, Howdens saw revenue increase by 7%. 2024 saw the retailer generate almost £75m in revenue internationally, which is a healthy increase from 2023’s figure of around £70m.
Howdens’ pre-tax profits were relatively flat for the year, seeing a marginal increase of around 0.2%. Meanwhile, the company’s total operating profit was slightly down, by around 0.3%. The retailer saw profits of £339.2m in 2024, down marginally from the previous year’s profits of £340.2m.
According to Howdens, it managed to “offset the majority of inflationary cost increases through efficiency savings and cost control”, while also investing in its medium-term strategic initiatives.
Looking back on the year as a whole, Howdens confirmed it had opened a total of 29 UK depots in 2024, and three more international locations. By the end of the year, the retailer had a total of 869 UK depots, 65 in France and Belgium and 13 in the Republic of Ireland. In addition, the company says 76 depots were either redesigned or relocated during the year.
Howdens also said that during the last year, it expanded both its capabilities and capacity, with 2024 being its first full year producing end-panels and kitchen fronts, which it says “significantly reduced” its volume of bought-in products.
Reflecting on the past year, Andrew Livingston, Howdens’ chief executive concluded: “Howdens performed well in a challenging market, gaining further market share.”
“We continued to invest in developing our kitchen and joinery ranges, opening more depots, and in new digital capabilities. We are also investing in our manufacturing operations and supply chain to support our trade customers with high-quality, easy-to-fit products that are reliably in stock.
“Whilst we anticipate the kitchen market is likely to contract further in 2025, we are confident that our differentiated model, combined with our strategic initiatives, mean we are well placed to gain further market share. Reflecting the Group’s strong financial position, we have announced today a new £100m share buyback programme while continuing to invest in the business.”
Looking ahead to the next year, Howdens said it plans to open a further 20 UK depots across 2025, as well as reformatting around 60 existing depots. In addition, it plans to launch a reported 23 new kitchen styles, expand its solid work surfaces offer, and invest further in UK manufacturing.
