Howden Joinery Group Plc wants to maintain and grow their ordinary dividend in line with earnings growth to reward shareholders with an ongoing income stream. Howdens remains committed to returning any surplus capital to shareholders. The interim dividend for 2024 of 4.9p per ordinary share (2023: 4.8p per share) represents an increase of 2.1% and will be paid on 22 November 2024 to shareholders on the register on 18 October 2024.
Other financial highlights include:
- Revenue of £966.3m was 4.3% ahead of last year.
- Good UK revenue growth in H1 in a challenging marketplace, gained market share in the period.
- International business on track with an improvement in depot performance.
- Maintained industry leading gross margins of 60.8%.
- Profit before tax of £112.3m in line with last year, after £16m investment in our strategic initiatives in H1. Majority of cost increases due to higher inflation offset by productivity and efficiency improvements.
- Strong balance sheet with £165.5m of cash at end of the period.
- Continued progress on sustainability. Howdens' Net Zero plan approved by Science-Based Targets Initiative (SBTi) in January 2024.
- Performance since the start of the second half in line with management's expectations. The Group is on track with its outlook for 2024.
