Kingfisher see huge profits rise



B&Q

B&Q

B&Q owner Kingfisher has seen their annual profits increase by 22.5% in the last year to £670million.

The company, who also own Castorama and Brico Depot in France, are the biggest home improvement company in Europe, and have vowed to continue with their expansion.

The company revealed they had saved money internally by buying more of their goods from central sources, and directly from the manufacturing companies.

News of the profits saw the company’s shares jump 5%, and now sit at 255.90 pence.

Ian Cheshire, head of the company said, “Although I see no let up in the challenging environment in the short-term, I am excited by our future prospects.”

The company benefited from strongest profit growth in Turkey and struggling Spain, as well as seeing profits rise here in the UK, and in France.

Sales were down for the year, 0.5% to £10.5billion, but the number of stores in the group expanded from 856 to more than 1,100.

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