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B&Q owner Kingfisher upbeat despite 'challenging year' | |
(about 1 hour later) | |
Kingfisher, the owner of DIY chains B&Q and Screwfix, has said it has finished a "challenging year" in "good shape". | |
Group profits rose 9.8% to £759m in 2013, despite an "extremely challenging" first quarter, and a disappointing third quarter. | Group profits rose 9.8% to £759m in 2013, despite an "extremely challenging" first quarter, and a disappointing third quarter. |
In the UK and Ireland B&Q's total sales rose slightly, to £3.6bn, with Screwfix total sales up 17.6% to £665m. | In the UK and Ireland B&Q's total sales rose slightly, to £3.6bn, with Screwfix total sales up 17.6% to £665m. |
Kingfisher said prospects for the year to come were "bright" and it would return £200m to shareholders this year. | Kingfisher said prospects for the year to come were "bright" and it would return £200m to shareholders this year. |
'Confidence' | 'Confidence' |
The company said its performance had improved thanks to a combination of pricing, marketing, an expanded product range, and upgrades to its websites. | |
"Our prospects remain bright, giving us confidence to invest in the business and actively manage our portfolio," said chief executive Sir Ian Cheshire. | |
Kingfisher's most significant market is France where the economic backdrop "was generally soft", in line with the rest of Europe. | |
Kingfisher owns Brico Depot and Castorama in France, where sales were £4.4bn. | |
Generally weak consumer confidence in France was reflected by a drop in like-for-like sales of 1.2%. | |
The company also said it intended to look for a strategic partner for B&Q China this year, and had already had expressions of interest. | |
Shares were up almost 5% in early trading on Tuesday after the results were published. | |
"The early share price spike is in reaction to better than expected profit numbers, accompanied by robust growth in key metrics such as earnings per share and a continuation of Kingfisher's progressive dividend policy," said Richard Hunter, head of equities at Hargreaves Lansdown Stockbrokers. | |
"The company is running a tight ship and even before today's reaction, the share price had risen 41% over the last year, as compared to a 2% improvement for the wider FTSE 100," he added. |
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