Operating profits at fast-growing Howden Joinery jumped 62.2% in 2003 to £72m, parent company MFI Furniture Group plc said in its annual results.
MFI said the “outstanding” performance of Northampton-based Howden, which specialises in kitchens, bedrooms and other joinery products for trade customers, added further balance and stability to the group.
The figures represent the sixth year of growth for Howden and is a result, MFI said, of its decision in 1999 to increase its depot opening programme.
Sales totalled £448m, an increase of 37.1% on 2002, while operating margins grew from 13.6% a year ago to 16.1%.
The company opened 31 depots in 2003, bringing its total to 300. It intends to open a further 30 in 2004, with an ultimate target of 380 UK outlets.
Branches stretch from Cambourne to Perth, and from Canterbury to Pembroke.
MFI said its combined business areas generated sales of £1.5bn and pre-tax profits of £104.8m last year.
