// Kingfisher posts 20.9% rise in its full-year profits
// Revenues and profits both hit records in the twelve months to end of December
Kingfisher has reported a 20.9% rise in its full-year profits following a sales boost during the pandemic.
The B&Q and Screwfix owner also said it is “ahead of schedule” with its new strategy and that it had made an encouraging start to its new year despite heightened macroeconomic and geopolitical uncertainty.
READ MORE: Kingfisher reshuffles leadership team and creates new chief commercial officer role
Revenues and profits both hit record levels in the twelve months to end of December, with sales rising 6.8% to £13.2 billion, up almost 10% on a like-for-like basis.
However, fourth-quarter revenues slowed 1.7% compared to a year earlier.
Over the year, an improvement in margins helped boost pre-tax profits by 33% to £1 billion and by 21% on an underlying basis.
Kingfisher CEO Thierry Garnier said: “We saw growth in all banners and categories, with resilient demand from both DIY and DIFM/trade segments – each representing 50% of group sales.”
B&Q had an “outstanding year”, he added, with sales exceeding £4 billion.
Kingfisher said sales had continued to slow in this current quarter and are down 8.1% compared to a year ago though still 16% higher than pre the pandemic.
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