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Feb 23 Howden Joinery Group Plc
reported a slower full-year revenue growth for its UK depots,
hurt by its decision to hike prices at the end of the year and
weaker consumer confidence following Britain's vote to leave the
The company, a supplier of kitchen units and joinery
products to small builders, said Howden Joinery UK depot revenue
rose 6.5 percent for the year ended Dec. 24, cooling from the
11.9 percent seen in 2015.
Howden, which sells more than 350,000 kitchen units a year,
said total revenue rose 7.1 percent, the slowest growth in four
Howden has banked on consumer spending on big-ticket
purchases like home improvements to drive its growth, with sales
rising nearly 50 percent over the past 5 years.
However, some consumers have held back spending as the
Brexit vote sent the pound plummeting and stoked inflation.
To offset cost pressures, Howden said it hiked prices
towards the end of the year, and that the early signs were
The company's pretax profit rose to 237 million pounds
($294.9 million) from 219.6 million pounds a year earlier.
($1 = 0.8037 pounds)
(Reporting by Abhijith Ganapavaram and Rahul B in Bengaluru;
Editing by Amrutha Gayathri)