Howden Joinery raises profit forecast again
The supplier of kitchens and joinery products to the building trade is now eyeing full-year profit before tax of around GBP185mln.
Last month, the FTSE 250 group said it would be 10% above the top end of current analyst forecasts, which stood at GBP123mln-GBP152mln. In 2019, profit before tax came in at GBP260mln.
In November, the firm said it experienced a strong autumn peak trading period due to pent up demand amid lockdown and a high level of stock availability.
“Trading has remained robust during December as the renovation boom continues,” analysts at Peel Hunt noted.
“While the shares outperformed the market in 2020 (+3% share price performance) they have been relatively quiet in the last couple of months. This update should change that.”
However, the stock rose only 1% to 702.8p on Wednesday morning.