The UK housebuilding sector has been through numerous boom to bust cycles. After many of the country’s big builders were brought to the edge of collapse during the financial crisis of 2008-09, the past few years have been much kinder to the companies and their investors.
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Is life as good as it gets for Howdens?
Howdens is a very good business. But growing its profits is proving to be difficult, while its cash flow and working capital position suggests that business risks could be increasing
Phil Oakley