Kingfisher starts £300m share buyback

B&Q and Screwfix owner Kingfisher has launched a £300 million share buyback after the pandemic DIY boom helped sales rise above pre-Covid levels.

The FTSE 100 retail company saw pre-tax profit surge 70.6% to £677 million in the six months to July.

An interim dividend per share of 3.8p was declared, up from 2.75p.

Total sales in the first half rose 19.9% to £7.1 billion, and comparable sales leapt 22.8% and were up 21.3% from the same period in 2019. However, in the second half the company does not expect to match the bumper growth seen a year earlier.

Kingfisher also cautioned it is facing operational pressures, including around product availability, shipping and logistics, and cost price inflation, but said they have been managed effectively to date. The shares lost 18.1p to 349p.