Screwfix star of ‘important year’ for Kingfisher as profits rise

B&Q OWNER Kingfisher hailed an “important year” as it revealed a 14.7% hike in annual profits thanks to an overhaul of its DIY chain and surging sales at Screwfix.

The group posted underlying pre-tax profits of £787m for the year to January 31, up from £686m a year earlier, after seeing B&Q like-for-like sales lift by 3.5%. But its trade-focused arm Screwfix was once again the star performer, with same-store sales leaping 13.8% higher.

The group said it had finished its B&Q store closure programme, which has seen it shut 65 shops and slash around 3,000 jobs in the UK and Ireland over the last two years.

Kingfisher chief executive Veronique Laury said: “It has been a very productive and important year, a year which has again delivered sales and profit growth.”

She added that the group had “learned a lot” and was “aware of the challenges” as she ploughs on with an ambitious five-year turnaround plan.

Kingfisher is also bracing for change in the UK and France, where the group trades as Castorama and Brico Depot.

Ms Laury said: “The EU referendum has created uncertainty for the UK economic outlook and we remain cautious on the outlook for France, especially in light of the forthcoming presidential elections.”

Alongside full-year results, the group also said chairman Daniel Bernard would retire in June after eight years in the role.

He will be replaced by Andy Cosslett – a former chief executive of Fitness First and InterContinental Hotels Group – who becomes chairmandesignate on April 1.