Trading Statement



Nice update, performance is looking as solid as one of their marble worktops.



Good to see one of the companies I have shares in producing a bullish trading update. Partly compensates for recent ones from WEIR and NXT. At yesterday’s close SP was about 22% down on Dec 2015 all-time closing high of 531p. Was beginning to think I should have sold out in 2015. HWDN has an impressive ROCE of 47.6%. I think what has been holding SP down are brokers negative forecasts for growth e.g. pre-tax profit growth -5.1% and EPS growth of -2.3%. Perhaps they will revise forecasts and SP will rise even more.


Doing what I says on the tin. H2 specific LFLs are probably ca+7% min, with further uptick to feed through. Plus stable high gm%. Looks undervalued, but as any fule kno the house market is gonna collops. PS a couple of fules can be found on the Barratt bb!