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.

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