FTSE 250-kitchen and joinery supplier Howden Joinery Group PLC (LON:HWDN) saw its shares rise in late-morning trading Wednesday after it reported a jump in revenues in the first 16 weeks of 2018.
The company said in a trading update that UK revenues had increased 14.8% overall and 13.3% on a same depot basis since the equivalent periods last year, driven primarily by increases in volumes, an extra week of trading in 2018 compared to 2017 and a “weak comparative”.
READ: City broker bemoans “dull outlook” for Howden Joinery
Excluding the first two weeks of the year, Howden’s revenues rose by 10% overall and 8.6% on a same depot basis compared to last year, with the company having opened three new depots with plans for an additional 30 as the year progresses.
Looking forward, Howden said it remains on track with its plans for the year but notes "tougher comparatives" from the prior year moving forward.
The group will announce its report for the half year on July 26.
Shares were up 4.2% at 500.2p.