Wednesday, October 18, 2017

Kingfisher chairman departs amid successful turnaround results

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Kingfisher

B &Q owner Kingfisher has announced the departure of its chairman Daniel Bernard while revealing strong growth in its full year results.

In the year to the end of January, adjusted pre-tax profits for the group rose by 8.3 per cent to £743 million, while underlying pre-tax profits hit £787 million with a growth of 14.7 per cent.

Like-for-like sales rose by 2.3 per cent and total sales for the group hit £11.22 billion, showing a growth of 8.7 per cent on a reported basis.

Sales in the UK and Ireland rose by 5.9 per cent on a like-for-like basis to £4.97 billion.

Although like-for-like sales at B&Q rose by 3.5 per cent, total sales dropped by 3.3 per cent to £3.68 billion amid store closures.

Meanwhile Screwfix, also part of the Kingfisher group, saw a sales rise of 23.2 per cent to £1.29 million.

This is attributed to strong digital sales growth and the opening of 760 new outlets over the last year.


READ MORE: Kingfisher steam ahead with turn around plans posting 5.8% growth


The news of a successful turnaround strategy comes as Kingfisher‘s chairman announces his departure, to be replaced by Andy Cosset at the company‘s annual general meeting in June.

Cossett comes from a role as chairman of the Rugby Football Union, after joining the board in 2012.

Bernard leaves after an eight-year stint as chairman.

Chief executive Véronique Laury said: “I would personally like to thank Daniel for his support and wise advice since my appointment as CEO two years ago.

“He has supervised the new strategic thinking as well as the first successful year of transformation with challenge and dedication.

“I have been lucky to work with him. I now look forward to working with Andy, remaining as confident as ever in our ability to deliver our plan.”

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