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Kingfisher pulls interim dividend, even as profit jumps

By BFN News | 07:17 AM | Tuesday 22 September, 2020


Kingfisher pulled its interim dividend, citing ongoing uncertainty owing to the pandemic, even as the home improvement retailer reported increased first-half profit on cost cuts and recovering demand. For the six months ended July, pre-tax profit rose 62.4% to £398m on-year, while sales fell 1.3% to £5.92bn. The adverse impact of Covid-19 in the first quarter was offset by a strong recovery in the second, the company said. Kingfisher UK & Ireland sales increased by 3.7% to £2.75bn, B&Q total sales increased by 3.7% to £1.84bn, while Screwfix total sales increased by 3.7% to £914m. Looking ahead, the company said third-quarter trends continued to date, with like-for-like sales up 16.6%, but added that continued uncertainty and concerns over Covid and wider economic environment limited visibility. Kingfisher forecast central costs within a range of be £58-to-60m for the year, down from last year's £62m. 'While we are entering the second half against a favourable trading backdrop, continued uncertainty and concerns over Covid-19 and the wider economic environment limit our visibility. As such, we are not able to provide specific sales outlook commentary,' the company said. Story provided by StockMarketWire.com

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