Kingfisher posts profits drop

<p>Profits are down at Kingfisher, with bad weather blamed.</p>

B&Q owner Kingfisher has seen its share price go up this morning (March 26th) despite the firm revealing a big fall in profits after what is described as a "tough" year.

Chief executive Ian Cheshire stated market conditions for the company remain challenging and explained how the weather has had an impact on its business in the last 12 months.

Following the news its profits were down 11.4 per cent to £715 million, its share price rose by close to five points at 08:30 GMT, an increase of 1.73 per cent, to be recorded at 288.20.

"We have had a tough year, impacted by unfavourable foreign exchange, record adverse weather in the UK and declining underlying markets in each of our three key territories," said Mr Cheshire.

But he added the firm can bounce back as a result of clear initiatives that have been launched by the UK's government to make it easier for the company's customers to have better and more sustainable homes.

Learn about the sterling and forex trading at City Index.

Join our live webinars for the latest analysis and trading ideas. Register now

GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.