Kitchen giant Howdens has posted a solid set of half-year results, with strong trading momentum, improved margins and further market share gains.
Group revenue for the first half of 2025 came in at £997.6 million, up 3.2% year-on-year. Adjusted for two fewer trading days, that figure rises to 4.3%.
The national retailer’s profit before tax was £117.2m – a 4.4% increase compared to H1 2024 – while operating profit edged up 3.6% to £121.4m. And gross margin rose by 130 basis points to 62.1%, which Howdens said is helped by earlier price increases and a stronger mix of kitchen volumes.
Cash reserves were significantly up, with £321.4m in the bank at the end of the period compared with £165.5m a year ago. For shareholders, earnings per share grew 6.5% to 16.4p, and the interim dividend was increased by 2% to 5.0p per share. The group has so far completed £31.8m of its previously announced £100m share buyback.
Andrew Livingston, Howdens CEO, commented: “Howdens performed well in the first half, gaining further market share. The ongoing investment in our strategic initiatives is strengthening our competitive position, and our current trading performance gives us confidence in achieving our full year plans.
“We are well prepared for the second half, which includes our seasonally important peak trading period. This includes Howdens’ best-ever line-up for kitchens, available for 2025 in more colours, styles, and finishes to suit all budgets.
“While market conditions remain challenging, our trade customers are highly skilled at winning work in such times backed by Howdens’ well-incentivised depot teams, unrivalled product quality and industry leading stock availability.”
Howdens’ growth strategy continues to focus on its depot network, product offering and digital investment. In the UK, the business aims to open around 25 new depots this year and reformat 60 existing ones. So far, 3 have opened and 14 have been reformatted, including one relocation.
On the product side, it plans to launch at least 23 new kitchen ranges in 2025, broadening appeal across price points. That includes an expanded premium range and the introduction of the new paint-to-order Ilfracombe in-frame family. It’s also investing in UK manufacturing, with an upgrade project at its Runcorn site well underway.
Howdens noted that trading remained in line with expectations in the early weeks of H2, with the autumn period – traditionally its busiest – still to come. The company said its long-term prospects remain strong in the UK’s fragmented £11bn addressable kitchen and joinery market.