Kingfisher is driven up by white van man

SHARES in B&Q owner Kingfisher raced to a 14-year high as the economic revival drove white van man and home-owners into its stores.

Chief executive Sir Ian Cheshire said the housing resurgence had boosted demand for kitchens Chief executive Sir Ian Cheshire said the housing resurgence had boosted demand for kitchens [GETTY]

Chief executive Sir Ian Cheshire said the housing resurgence had boosted demand for kitchens. He added: “Customers feel the ­pressure of improving their home to get it on the market.”

Group shares rose 24¼p to 430¾p as total sales at its 360 B&Q stores in the year to February 1 climbed 0.4 per cent to £3.7billion.

Like-for-like growth of 0.1 per cent was its first positive annual performance in four years.

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Screwfix, which supplies white van man, saw sales up 17.6 per cent to £665million.

It plans to launch the brand in Germany. Group profits rose 4.1 per cent to £744million with sales up 5.2 per cent to £11.1billion.

Cheshire said: “We’re well placed to benefit from Europe returning to growth.”

He said B&Q needed to be “re-energised” with better marketing and new products. In China, which posted a £6million loss, it is seeking a partner to lift sales.

Kingfisher announced an extra ­£200million shareholder pay-out.

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