The Howden Joinery Group Plc Board is recommending a final dividend for 2022 of 15.9p per ordinary share (2021: 15.2p per ordinary share), resulting in a total dividend of 20.6p per ordinary share (2021: 19.5p per ordinary share). The total dividend represents a year-over-year increase of 5.6% and the final dividend will be paid on 19 May 2023 to shareholders on the register on 11 April 2023.
Other financial highlights include:
- Group revenue of £2,319.0m was 10.8% ahead of last year and 46.4% up on 2019 reflecting the strengths of their local, trade only, in-stock business model.
- UK depot revenue was 10.4% ahead of last year and 7.7% ahead on a same depot basis.
- Maintained their sector leading gross margins at 60.9%, with disciplined pricing recovering cost increases.
- Profit before tax of £405.8m, was 4.0% ahead of 2021 and 55.7% ahead of 2019.
- Good cash generation and the balance sheet remains strong with cash at end of period of £308.0m
- £50m share buyback announced today.
- Earnings per share of 65.8p was 23.7% ahead of 2021 benefiting from the previously announced patent box claim, which has been included with the 2022 results.
- Further progress on ESG. Howdens is introducing scienced-based targets in 2023 to reduce their emissions and to achieve net-zero carbon by 2050.