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22 Jul 2020 | 07:01

Kingfisher sees higher H1 profits as strong demand continues

(Sharecast News) - DIY group Kingfisher said it expected interim pre-tax profits to be higher as strong demand continued across its markets after the lifting of coronavirus lockdowns, but withheld guidance due to continued uncertainty. The B&Q owner said group second quarter like-for-like sales to July 18 rose 21.6%. For the year to the same date they were down 3.7%.

"Based on the strong sales seen to date in Q2, combined with cost reductions benefiting H1 (some of which are non-recurring), the company anticipates its half year adjusted pre-tax profit to be ahead of prior year," the company said on Wednesday.

"While we are entering the second half with a favourable trading backdrop, second half visibility remains low given uncertainty around Covid-19 and the wider economic outlook. As such, no specific financial guidance is provided for full year 20/21."
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