Galiform plans depot expansion despite poor profits
Published: 08 March, 2010
LONDON: Galiform, the trade kitchen supplier, reported a 13% fall in pre-tax profit and warned that demand would remain constricted throughout 2010. The owner of Howden Joinery said poor weather limited sales during the first part of 2010. It nevertheless plans to increase its market share.
The group believes it can increase depots from the current 462 depots in the UK to more than 600 in the longer term. "During the course of 2010, we are planning to open between 20 and 30 depots, as part of our investment in the next stage of Howden's growth and development," the company said in its report.
Turnover fell 5.5% to £769.5m and group pre-tax profits of £68.6m were down on the £79.1m in 2008.
Shares in Galiform, which have risen during the past year on the back of improved trading, were down 6.5p to 80p.