B&Q sees profits rise

B&Q owner Kingfisher is now making two thirds of its profits overseas and is investing £130m in the UK this year.

B&Q profits are up - image: B&Q
B&Q profits are up - image: B&Q
Pre-tax profits at the group rose 24 per cent to £439m in the six months to the end of July.

The investment, four times that of the previous year, includes £20m on refurbishing the Focus DIY stores it bought earlier this year.

"Although the economic outlook is uncertain, this investment demonstrates our confidence in the UK's longer-term growth prospects," said Kingfisher chief executive Ian Cheshire.

The company saw a six per cent rise in profits at its UK and Irish Republic business.

Profits in France are up by a quarter, with Germany, Spain, Turkey and Poland all doing well.

"With around two-thirds of our profit coming from outside the UK, these results clearly show the value of geographic spread," said Cheshire.

"Looking ahead, economic uncertainty throughout Europe is likely to impact consumer confidence, meaning conditions will remain challenging for retailers.

"However, our plans already assumed little help from our markets."

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