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Home DIY boosts Kingfisher H1 profits to £677m

Total sales during the six-month period also grew by 19.9% to £7.1bn from £5.92bn in 2020 and was driven by strong demand for home improvement across retail and trade channels

B&Q owner Kingfisher, has revealed that for the six months ending 31 July 2021, statutory pre-tax profits increased 70.6% to £677m from £398m the previous year.

Total sales during the six-month period also increased by 19.9% to £7.1bn from £5.92bn in 2020 and was driven by strong demand for home improvement across retail and trade channels.

The DIY group said that £300m would be returned to shareholders via share buyback programme, reflecting strong cash generation and “confidence” in outlook.

For the remainder of the year, the group said it anticipates adjusted pre-tax profits to range between £910m and £950m.

Thierry Garnier, CEO, said: “We have had a very strong first half of the year, with growth across all our categories and channels, particularly e-commerce. During the period we announced ambitious carbon reduction targets, continued to support the wellbeing and development of our colleagues, and created over 5,300 new roles across the group.

“With the business in a strong position, we are now ready to accelerate our investments to capitalise on the attractive growth opportunities available to us. We are accelerating Screwfix’s expansion in the UK & Ireland, and will open our first Screwfix stores in France in 2022.”

He added: “Our industry is benefiting from new trends that we believe will be supportive over the long term. These include people spending more time working from home, the emergence of a new generation of DIY’ers, the need for greener homes, and a strong housing market.”

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