B&Q owner Kingfisher sees fall in half-year profits

The owner of DIY chain B&Q revealed a fall in half-year profits, but insisted its turnaround was on track and unveiled plans to ramp up expansion of its Screwfix building supplies arm.

Kingfisher posted a 2.3% fall in underlying pre-tax profits to £384m for the six months to August 1 as it took a currency hit and saw comparable store sales for its B&Q arm flag, edging 0.7% higher after a disappointing performance for outdoor seasonal goods in the peak summer season.