Trading update



Seemed like reasonable enough results, haven’t read the forward looking statements, but the like for like sales (existing stores) grew 10%, albeit with a slight margin reduction.

Is it the calm before the storm as the housing market seems now to be in deadlock with stuff sticking like glue - many on the market for over a year.



Total t/o up +12% yoy (lfl +11%) on moderate store rollout. That looked good to me. The worst one can say about housing transactions/completions is they are eroding marginally. Ironically I suspect right now the more folk are stuck in their existing house the more likely they are to consider a kitchen refurb. The declines in gm%/op% look to be quasi exceptionals. Pension deficit effectively eliminated (& that whilst gilt yields are on the floor). My cf projection if a yr out there to be ca +£330m net cash on the b/s (pre buybacks). HJ are doing & delivering what it says on the tin, unlike so many other companies right now.