B &Q and Screwfix’s parent company Kingfisher has posted a sharp rise in first half profits as Brexit fears subside.
In the six months to July 31 Kingfisher’s pre-tax profits rocketed by 10.6 per cent to £427 million. The group’s like-for-like sales also rose by 3.3 per cent.
Group sales across a constant currency basis grew by 2.7 per cent to £5.75 million.
Individually B&Q’s like-for-like sales in the period rose by 4.6 per cent, whereas Screwfix sales soared to a 14.7 per cent growth.
“It has been a productive first half. We have delivered a good ‘business as usual’ result with both sales and profit growth,” chief executive Veronique Laury said.
“In the UK, the EU referendum has created uncertainty for the economic outlook, even though there has been no clear evidence of an impact on demand so far on our businesses. In France we remain cautious on the short-term outlook.”