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LONDON (Alliance News) - Europe's largest home improvement retailer Kingfisher PLC Tuesday said it delivered an increase in profits and revenues for its recent financial year, boosted by a strong performance from its Screwfix business in the UK, as well as its operations in Poland and Russia, and despite continued weakness in its French business.
For the year ended February 1, Kingfisher reported a pretax profit of GBP759 million, up from GBP691 million a year earlier, boosted by a 5.2% increase in revenues to GBP11.13 billion for the year, in line with analyst expectations and an increase on the GBP10.57 billion in revenues reported a year earlier.
Kingfisher declared a full year dividend of 9.9 pence per share, a 4.7% increase on the 9.46 pence a year earlier.
"The economic backdrop was generally soft across Europe for much of the year, particularly in France, our most significant market," said Chief Executive Ian Cheshire in a statement.
Cheshire said the business is well placed to benefit from a pick-up in consumer spending as Europe's economies return to growth.
"Our prospects remain bright, giving us confidence to invest in the business and actively manage our portfolio, including expanding into new markets," said Cheshire.
The retailer also announced that it is looking for a strategic partner for B&Q China, now that the business is stable with the core business broadly break even.
Some analysts had been forecasting a potential exit on the cards.
Kingfisher said it held net cash of GBP238 million at the end of the year, compared with GBP38 million a year earlier.
Kingfisher shares up 5.5% at 427.50 pence at the open Tuesday.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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