LONDON, July 4, 2026, 22:02 BST
- Howden Joinery Group PLC LON:HWDN finished Friday at 833p, gaining 0.91%. London markets were closed Saturday.
- The voting share count dropped by 741,252 shares from the time of the DIY Kitchens share admission to the June 30 capital statement, trimming deal dilution a bit.
- DIY Kitchens brings in revenue equal to 5.6% of Howdens’ estimated 2025 sales, but the 2025 EBIT makes up 10.7% of Howdens’ pre-tax profit for that year, according to the company.
London was closed Saturday, so the last trade is from Friday. Howden Joinery Group PLC LON:HWDN closed at 833p, rising 7.5p, or 0.91%. The FTSE 100 index from AJ Bell showed a 0.25% gain. Shares moved between 824.5p and 841p on volume of 2.2 million. Market cap was about £4.58 billion.
Watch the share count this week. Howdens put out 12.7 million new shares at 766p each for the DIY Kitchens buy. According to a June 22 filing, total shares stand at 554.24 million after the issue. Of those, 3.33 million are in treasury and 550.92 million carry voting rights.
As of the June 30 capital statement, the number of issued shares stayed at 554.24 million, while treasury shares increased to 4.07 million. Voting rights dropped to 550.18 million. That leaves a gap of 741,252 shares. With shares closing at 833p on Friday, this is worth about £6.2 million, or around 6% of the £97.5 million share part of the DIY Kitchens deal.
| Share-count bridge | After DIY share admission | June 30 statement | Change |
|---|---|---|---|
| Ordinary shares outstanding | 554,242,672 | 554,242,672 | 0 |
| Treasury shares | 3,326,336 | 4,067,588 | +741,252 |
| Voting rights total | 550,916,336 | 550,175,084 | -741,252 |
This is notable as Howdens said the £390 million DIY Kitchens acquisition won’t affect its £100 million 2026 buyback. The current buyback is already offsetting some of the voting dilution from the stock part of the deal, based on the share count. Investors will see the first half-year results July 23.
The deal draws notice for profit, not sales. DIY Kitchens booked £136m revenue and £37m EBIT in 2025. Howdens posted £2.42bn revenue and £344.9m pre-tax profit the same year. EBIT and pre-tax profit aren’t the same metric, but the gap shows why the deal gets talked about for more than just topline numbers.
| 2025 metric | DIY Kitchens | Howdens | DIY as % of Howdens |
|---|---|---|---|
| Revenue | £136 mln | £2.42 bln | 5.6% |
| Profit line | £37 mln EBIT | £344.9 mln PBT | 10.7% |
| Margin on stated profit line | 27.2% | 14.3% | — |
Chief Executive Andrew Livingston said the deal “adds a complementary very profitable business” and brings Howdens a way in to non-trade customers via DIY Kitchens’ online channel. Howdens said DIY Kitchens will keep operating on its own, separate from the group’s trade-only depots. Investegate
Jefferies kept its hold rating and 919p price target, according to a Sharecast note run by Halifax. The broker said the deal looked “strategically and financially savvy.” Jefferies thinks the deal could boost earnings per share by around 10% without affecting the buyback. Halifax Investments
The stock still finished lower for the week. MarketWatch reported Howdens ended Monday at 847p after dropping 1.51%, so with Friday’s close at 833p, it was down about 1.7% from Monday’s level, despite Friday’s pop. Trading Economics had the four-week gain at 6.79%, with the 12-month change at 0.18%.
The July 23 half-year update is up next. Howdens in April said trading was good in the first four periods of 2026, with full-year targets unchanged. The company also said its sales skew to the second half as autumn is its busiest stretch.
Traders want three things: UK depot sales, first guidance out of DIY Kitchens, and the speed at which shares go into treasury. Howdens kept its 2026 plan based on a flat UK kitchen market after years of drops.
