Cost cutting and an improvement in the DIY market were the two major factors behind better-than-expected first half results from B&Q owner Kingfisher (LON:KGF)
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The retailer posted pre-tax profits of £354 million – a rise of 23 per cent. This was around £12 million ahead of analysts’ forecasts.
The company, which has 830 stores in eight countries, boasts a cash balance of £19 million, compared with net debts of £740 million 12 months earlier.
"The immediate outlook for consumer spending is fragile, particularly in the UK where it is likely to remain challenging for some time," said chief executive Ian Cheshire.
"Our continued profit growth will come from our well-established self-help initiatives."
The interim dividend is held at 1.925p a share.