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Galiform Plc t/a Howdens Joinery (GFRM)

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Creator Trojan Created 7 Jul 2008 Posts 822 Last Post 3 years ago

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It's about time there was a new thread for this company which used to be the profitable side of the old MFI as it is time to move forwards, in what is already proving to be a very tough climate for this type of stock.

However it is times like this that you can get in at a decent level in what should be a quailty stock for the medium to long term imo and there is still the chance that this company will be taken over at some point with Travis Perkins being at the top of the list. DYOR

"Galiform is the owner of 'Howdens Joinery', a major supplier of kitchens and joinery products to the building trade. This business has grown and thrived against the background of kitchens becoming significantly more sophisticated and the growth of the 'Done for You' ('DFY') market, in which consumers expect kitchens to be designed, acquired and installed for them by a competent builder without hitch.

Howdens is critically supported by Galiform's product sourcing business, Howden Kitchens, which has competencies in product development, sourcing and logistics. This enables Howden Joinery to offer a comprehensive range of attractive and competitively priced products that are fully available in each depot when builders and their customers want them.

Howdens principally serves small builders, whose own customers represent a significant proportion of the 'done for you' market for new kitchens. Its strategy is founded upon providing a value-added product that requires skilled installation and which is available for immediate collection from the depot. Howdens' staff develop strong local and personal relationships with their regular customers who benefit from trade accounts and confidential discounts.

The small builders who are Howdens' principal customers can be doing work for home owners and owners of properties for let, and in a small number of cases they can be building new properties. Through its customer base, Howdens also supplies builders who undertake contracts for Housing Authorities and Local Authorities and, in some instances, supplies these bodies direct. Howdens estimates that about 25% of its sales are for use in public sector housing and approaching 20% are for use in the rented sector. Almost all of the remainder are for work being undertaken for home owners, with a small proportion being for private new build."



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