Howden Joinery - Good revenue growth so far in H2 highlights robustness of operating model

Davy Research
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UK same depot revenue growth of 6.1% between mid-June and early November highlights the enduring robustness of the Howden operating model. That the group remains on track to meets its full year expectations is encouraging given the prevailing external uncertainties. We expect little change to existing estimates and hence Howden is well placed to deliver solid (circa 4-5%) pre-tax profit growth in 2018. We believe the overall outlook for the group remains positive, underpinned by its successful and focused business model.