Kingfisher recovery plan starts well

Kingfisher, Europe’s largest home improvement retailer, beat forecasts for first-half profit thanks to strong demand in Britain and Poland and said its five-year plan to transform the business had got off to a good start.

The company, which runs the B&Q and Screwfix chains in Britain and Ireland and Castorama and Brico Depot in France and other countries, said the UK’s decision to leave the EU had not hurt demand, though it remains cautious on the outlook for French operations.

Chief executive Veronique Laury outlined the transformation plan in January, looking to boost Kingfisher’s profit by £500m (€580m) a year from 2021.