Proactive Investors - B&Q and Screwfix-owner Kingfisher (LON:KGF) delivered half-year results in-line with expectations today, with adjusted pre-tax profit (PBT) dipping half a percentage point to £334 million and top-line sales dipping 1.4%.
It marks a considerable improvement from the 29% falling in adjusted PBT in the first half of 2023, suggesting a welcome recovery in the DIY market.
Kingfisher tightened its full-year adjusted PBT target to between £510 million and £550 million (from between £490 million and £550 million previously) and increased its free cash flow forecasts.
France, where sales fell by 7.2%, was a sore spot in the report.
Chief executive Thierry Garnier stated: "Trading overall in the first half was in line with our expectations.
“This was underpinned by customers continuing to repair, maintain and renovate their existing homes, driving resilient volume trends in our core product categories.
“As expected, demand for 'big-ticket' categories has remained weak, in line with the broader market, while seasonal category sales trends have improved since early July.
“Against this backdrop we maintained a strong focus on effectively managing our costs and inventory.”