B&Q owner Kingfisher to reveal profits fall

Profits at B&Q owner Kingfisher are expected to tumble when the DIY firm reports half year results next week, after it was hit by wetter than usual summer weather and amid a slowing property market.

Analysts at broker Jefferies forecast that pre-tax profit for the first six months of the year will fall 18% to £351 million, with a hefty chunk of the decline coming from transformation costs.