Trade kitchen giant Howdens has closed 2024 with revenues that were roughly “in line with last year”, and in doing so, weathering a very difficult trading year in the Kbb sector.
In its full-year financial results for 2024, which were released recently, trade kitchens manufacturer Howdens had generated some £2.32bn in revenue last year, with its financial year coinciding with the calendar year, to the end of 2024.
Whilst the revenues held, or in other financial terms, were 'flat', with just an 0.5% increase over 2023’s revenue figure of £2.310bn, in the context of a fall in the wider Kbb sector, to retain those 2023 revenues and not see a significant drop, is impressive.
Howdens’ pre-tax profits were also relatively flat for the year, seeing a marginal increase of around 0.2%. The company’s total operating profit was slightly down, by around 0.3% with the trade kitchens . retailer reporting profits of £339.2m in 2024, down marginally from the previous year’s profits of £340.2m.
According to Howdens, it managed to “offset the majority of inflationary cost increases through efficiency savings and cost control”.
Commenting on the past year's financials, Andrew Livingston, Howdens’ chief executive concluded: “Howdens performed well in a challenging market, gaining further market share.”
“We continued to invest in developing our kitchen and joinery ranges, opening more depots, and in new digital capabilities. We are also investing in our manufacturing operations and supply chain to support our trade customers with high-quality, easy-to-fit products that are reliably in stock.
“Whilst we anticipate the kitchen market is likely to contract further in 2025, we are confident that our differentiated model, combined with our strategic initiatives, mean we are well placed to gain further market share. Reflecting the Group’s strong financial position, we have announced today a new £100m share buyback programme while continuing to invest in the business.”
Kbb News - Trade kitchen giant Howdens Bucks Kbb Downward Trend 2024
When you consider that well known Kbb brands such as kitchen door manufacturer Multiwood, Mereway Bathrooms, Homebase, KCM Kitchens almost others went into administration and Swedish kitchen manufacturer Nobia saw its profits plunge in 2024, that Trade kitchen giant Howdens closed 2024 with revenues that were roughly “in line with last year” thus weathering a very difficult trading year in the Kbb sector is something that bucks the downward trend of 2024 and should be applauded.
Similar Kbb News: Nobia Sees Profits Plunge / Homebase to enter administration / KCM Kitchens has ceased trading / UK Fitted kitchens market expected to slow further during 2024 / Victoria Plum sold in a pre-pack administration deal / German kitchen manufacturer Bax Küchen files for insolvency in Germany / Wickes rescues four former Homebase stores / Kitchen door manufacturer Multiwood has entered administration
