Kingfisher half year sales up 3.8%, adjusted pre-tax profits up 24% to £439 million
Group Financial Summary
26 weeks ended 30 July 2011
2011/12
2010/11
% Like- for-like (LFL) change change
% Total Reported change
+3.8% +3.0% +17.6% +16.5% +24.0%
+27.4%
+28.3% n/a
% Total Constant currency
Sales £5,662m
Retail profit £473m £402m
Adjusted pre-tax profit
Adjusted basic EPS 13.5p 10.6p Interim dividend 2.47p 1.925p
(Financial net debt) / net cash +1.6%
£5,454m
£439m £(186)m
£354m £19m
Note: Joint Venture (Koçtaş JV) and Associate (Hornbach) sales are not consolidated. Retail profit is operating profit stated before central costs, exceptional items, amortisation of acquisition intangibles and the Group’s share of interest and tax of JVs and associates. Adjusted measures are before exceptional items, financing fair value remeasurements, amortisation of acquisition intangibles, related tax items and tax on prior year items. A reconciliation to statutory amounts is set out in the Financial Review.
Highlights (in constant currencies):
• Self-help initiatives drove strong growth in each of the three main operating divisions in challenging consumer markets: o French retail profits up 23.9% to £201 million driven by excellent sales growth (+4.5% LFL) and continuing margin initiatives o UK & Ireland retail profits up 6.1% to £182 million benefiting from ongoing sourcing and cost initiatives. B&Q profit grew 4.5% despite the one off adverse impact of the Focus DIY stock clearance activity ahead of its closure. Screwfix profits up 25.3%, expansion to be accelerated in H2 o Other International retail profits up 24.7% to £90 million driven by good profit growth in Poland, Spain, Turkey and Germany and lower losses in Russia and China
• Proactive use of balance sheet strength and flexibility: o Invested £175 million developing our capabilities and growing our footprint o Acquired 29 ex-Focus DIY stores for