Revenue rises in first quarter for Howdens

Howdens Joinery has seen a 3.9% increase in revenue in the 16 weeks to April 15.

On a depot basis, revenue increased 2.4% compared with the same period last year.

The company also claimed that while currency movements and additional operating costs would impact its profitability in the first half of 2017, this has been partially offset by sales initiatives implemented in Q4 2016.

It expects performance this year to be in line with forecasts.

Howdens reported that it is on track to open its 30 new depots in the UK during 2017, with eight new depots opened this year so far, bringing the current total to 650.

The group has also acquired 2.04 million shares in the year to date, valued at £8.9m, which is part of an £80m share buyback programme announced in February 2017.

Its half yearly report will be published on July 20.

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