Prelims are 3% ahead of expectations, through slightly better LFL growth and slightly less cost growth. Of the £33m YoY PBT growth, c£9m relates to the favourable FX tailwind. Based on current FX rates, we estimate the headwind in FY16 will exceed that, possibly c£11-12m. End markets remain favourable and HWDN is investing in capability to continue profitable expansion – now with a 800 depot target (619 now) and additional trials in Europe. An extra £15m of opex (2.5%) is flagged as part of this ....
25 Feb 2016
Positioning for future profitable growth
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Positioning for future profitable growth
Howden Joinery Group PLC (HWDN:LON) | 906 123.2 1.5% | Mkt Cap: 4,969m
- Published:
25 Feb 2016 -
Author:
Matthew McEachran -
Pages:
4
Prelims are 3% ahead of expectations, through slightly better LFL growth and slightly less cost growth. Of the £33m YoY PBT growth, c£9m relates to the favourable FX tailwind. Based on current FX rates, we estimate the headwind in FY16 will exceed that, possibly c£11-12m. End markets remain favourable and HWDN is investing in capability to continue profitable expansion – now with a 800 depot target (619 now) and additional trials in Europe. An extra £15m of opex (2.5%) is flagged as part of this ....