B&Q parent company registers huge profit growth

In its interim results Kingfisher, owners of UK DIY chain B&Q, has reported strong first-half growth, with pre-tax profits ahead 26.5% to £274.7 million.

The total retail sales growth for the group was 10.1% to £5.1 billion, with like-for-like sales up 1.3%, and retail profit was ahead by 19.8% to £294.3 million.

Overall, profits before tax were up 26.5% to £274.7 million, but the group signalled its underlying showing strong operating cash flow.

The figures corresponded with weak consumer confidence in France and Germany, along with relatively better conditions in the UK.

The Home Improvement sector performed strongly and total sales grew 14.6%, up 2.8% on a like-for-like basis, with growth in the core categories offset by slower growth in seasonal areas in B&Q.

However, B&Q is in expansion after an announcement last week that at least 200 jobs could be created in Newtownards if plans for a new B&Q Warehouse store get the go-ahead.

The DIY chain proposes to open a 100,000 sq ft store with a 30,000 sq ft garden centre and 20,000 sq ft building products yard on the site of the former Scrabo High School.

The scheme is being developed by JH Turkington of Portadown and as well as the B&Q store, includes two restaurant units.

B&Q has been in the DIY business for more than 30 years and is the UK's most successful and innovative home improvement retailer. B&Q employs over 33,000 people in over 320 UK stores.

B&Q operates two different kinds of stores - the larger B&Q Warehouses which cater for the needs of the keen DIY'er and trade with their wide range of products and staff expertise, and B&Q Supercentres which are convenient for most people to pop into for their everyday needs

If the planning application for the proposed £20 million scheme is successful, it is hoped that work can commence on site by summer 2003 and B&Q would open for business by spring 2004.

A progressive employer, B&Q is recognised for its ‘over 50’s’ policy, which means that older, experienced people in the community, who still have a lot to offer but find it difficult to secure employment, are given the opportunity to get back to work. (GMcG)