Kingfisher beats profits forecast

Kingfisher Plc, Europe’s biggest home improvement retailer and the company behind brands including B&Q and Screwfix, has beaten its first-half profit forecasts.

The company, which has been battening down the hatches in the face of tough economic forecasts, made a pre-tax profit of £354 million between January and July.

Reuters has the story:

Kingfisher H1 tops forecast, trading outlook tough

Analysts’ mean forecast was 342 million in a company poll.

“The immediate outlook for consumer spending is fragile, particularly in the UK where it is likely to remain challenging for some time,” said Chief Executive Ian Cheshire.

“Our continued profit growth will come from our well-established self-help initiatives.” Read the full article here.

And here’s the company’s own account of its interim results.