Kingfisher (LON: KGF), the home improvement retailer behind B&Q, Screwfix, Castorama and Brico Dépôt, saw its share price jump around 10% on Tuesday morning after it published half-year results this morning showing adjusted pre-tax profit up 9.9% to £404m.
The gain came despite weakness at B&Q, offset by strong growth at Screwfix, and prompted management to raise full-year guidance.
Kingfisher shares closed yesterday at 305.7p, sitting below both their 50-day and 200-day moving averages and well off the 52-week high of 361.53p reached earlier this year.
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Screwfix, the trade and online tools business, grew like-for-like sales 5.6%, while B&Q’s like-for-like sales fell 2.9%, leaving group like-for-like growth at just 0.1%.
That gap let Kingfisher raise its full-year adjusted pre-tax profit guidance to £595m-£635m, from £565m-£625m, and lift free cash flow guidance to £480m-£520m, from £450m-£510m.
Kingfisher also confirmed a third tranche of up to £50m of its ongoing £300m buyback programme, of which £125m has already been completed. Adjusted earnings per share rose 16.1% to 17.8p, though free cash flow fell 29.1% to £339m and the interim dividend was held at 3.8p.
“While the consumer environment remains mixed, our consistent delivery, strategic progress and opportunities ahead give us the confidence to upgrade our guidance.”
Thierry Garnier, CEO, Kingfisher PLC
