B&Q owner sees revenues drop

Shares in B&Q and Screwfix owner Kingfisher closed 0.04% lower at 287.20 yesterday as the group revealed a drop in overall revenues to £10.57 billion in the last financial year.

The figure for the 53-week period to February 2 was 2.4% down on 2011/12 when turnover reached £10.83bn.

However, the company said it expected full year adjusted pre-tax profits to be in line with market expectations of around £715 million.

Performance in the final quarter of the year in the UK and Ireland was mixed, with B&Q revenues for the 14-week period coming in at £842m, 6.4% lower than the year previous.

However Screwfix saw sales climb by more than 10% on 2011 to £155m.

Group-wide sales were ahead 1.5% in the quarter to £2.39bn despite a 3.2% downturn in France where the firm’s Brico Depot arm saw a trade slowdown.