Kingfisher pre-tax profits fall 20% amid B&Q closures

B&Q owner Kingfisher revealed that bottom-line profits fell by more than a fifth as it counted the cost of an overhaul, but said its "ambitious" plans were on track.

The group, which is axing B&Q stores and jobs in the UK and Ireland, posted a 20.5% fall in annual statutory pre-tax profits to £512m (€648.29m) as it closed shops and suffered an exchange rate hit.