As the housing market recovers B&Q owner buoyed by a brighter outlook

Kingfisher who owns B&Q has said that customers are still shunning “big ticket” home improvement purchases.

B&Q said that due to the housing market recovering they have been cheered by a brighter outlook.

Kingfisher who owns Screwfix said that their share increased to 7% on Tuesday morning as half year results came in better than forecast.

In underlying pre-tax profits the company reported £334 million in the six months to 31 July and as a result of business rates Kingfisher had a rebate of £25 million.

Thierry Garnier, chief executive of Kingfisher, said, “As expected, demand for ‘big-ticket’ categories has remained weak, in line with the broader market, while seasonal category sales trends have improved since early July.

“Against this backdrop we maintained a strong focus on effectively managing our costs and inventory.”