B&Q firm delivers profits boost

Shares in B&Q owner Kingfisher got an unscheduled boost today after it emerged the company racked up better-than-forecast half-year profits.

Kingfisher brought forward trading figures for the period to August 1 after an administrative error caused the release of some draft figures.

Europe’s biggest DIY retailer, which also operates as Castorama and Brico Depot in France, said it expected adjusted pre-tax profits in the range of £285m (€324m) and £290m (€330m), higher than forecasts in the City.

Shares rose 4% in the wake of today’s trading update.

Matthew McEachran, an analyst at Singer Capital Markets, said full-year expectations in the City were likely to rise by up to 5%.

He added: “We believe that many of the factors behind today’s strong update are continuing in nature and not necessarily one-off or driven by the seasonal trading conditions, although the spring weather has clearly helped.”