Home Business NewsBusiness B&Q owner’s profits rise amid pandemic DIY boom

B&Q owner’s profits rise amid pandemic DIY boom

by LLB Editor
22nd Mar 21 10:58 am

The owner of B&Q and Screwfix has recorded a surge in revenues and profits for 2020 as locked-down consumers got stuck into home improvement, fuelling a nationwide DIY boom.

“The Covid crisis has established new longer-term trends that are clearly supportive for our industry – including more working from home, the renewed importance of the home as a ‘hub’, and the development of a new generation of DIYers – and we expect these to endure,” said Thierry Garnier, the chief executive of Kingfisher.

“With our strategic progress, we are well positioned to capitalise on these new and positive market trends.”

Kingfisher announced a total dividend of 8.25p, compared with its previous payout of 3.33p a share. The retailer said its new financial year had started well, with like-for-like sales in the first quarter of 2021 up 24%.

“Kingfisher is coming out of the Covid crisis as a stronger business, with an improved competitive position in all key markets, strong new customer growth and a step change in digital adoption,” Garnier said. “Current trading remains positive and, while visibility is limited for the year as a whole, we are confident of continued outperformance of our wider markets.”

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