Howden Joinery has performed extremely well in H1 with LFL depot growth of 8.6%. The 2-year run rate exiting from Q2 to Q3 is encouraging and we are upgrading sales expectations despite comps get tougher over peak. There may also be scope to add a bit more FX benefit to margins. However, with significant cost increases, partly from volume and partly investment in capability/capacity, H1 results were slightly behind and upgrades of any significance look unlikely. We argued ahead of the results th ....
23 Jul 2015
Excellent trading momentum in UK but small H1 miss and no u/grades
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Excellent trading momentum in UK but small H1 miss and no u/grades
Howden Joinery Group PLC (HWDN:LON) | 871 -95.8 (-1.2%) | Mkt Cap: 4,788m
- Published:
23 Jul 2015 -
Author:
Matthew McEachran -
Pages:
4
Howden Joinery has performed extremely well in H1 with LFL depot growth of 8.6%. The 2-year run rate exiting from Q2 to Q3 is encouraging and we are upgrading sales expectations despite comps get tougher over peak. There may also be scope to add a bit more FX benefit to margins. However, with significant cost increases, partly from volume and partly investment in capability/capacity, H1 results were slightly behind and upgrades of any significance look unlikely. We argued ahead of the results th ....