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22 Mar 2021 | 07:01

Kingfisher reinstates dividend as annual profits soar on lockdown DIY boom

(Sharecast News) - B&Q owner Kingfisher reinstated its dividend as it reported soaring annual profits and a strong start to the new fiscal year on higher demand from "a new generation of DIYers" working from home during the Covid-19 pandemic. Pre-tax profits rose 634% to £756m on a 7.2% increase in sales to £12.3bn. A dividend of 8.5p a share was declared against 3.33p a year earlier. First quarter like-for-like sales were up 24.2% to March 18, Kingfisher said on Monday.

"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," said chief executive Thierry Garnier.

"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 DIY'ers - and we expect these to endure."
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