Kingfisher, Europe's biggest home improvements retailer, beat forecasts with a 23% rise in its first-half profits today, but said it expected 'very tough times ahead', particularly in Britain.
The firm, which runs B&Q in Ireland and Britain and Castorama in France, said profit before tax, goodwill and one-off items was £214m sterling in the 26 weeks to August 2 on an 11% rise in sales to £5.13 billion.
Profits were boosted by a stronger euro, cost cuts and fewer markdowns and compared with the average of analysts' forecasts of £203m, according to a company poll.
Kingfisher shares have halved in value over the past 17 months, hit by a slowdown in consumer spending growth across Europe and a housing market slump in Britain.
