Home improvement retailer 'sees profits rise'

The housing slump has provided a boost for Kingfisher, Europe's largest home improvements retailer, after it reported a 23 per cent rise in profits, Reuters reported.

Kingfisher, which operates brands such as B&Q, Castorama, Brico Depot and Screwfix, saw its pre-tax profits for the six months ended August 2nd reach £214 million.

This represented a 23 per cent increase over the same period last year and press reports suggested that the results beat expectations.

Ian Cheshire, chief executive of the group, said the group had "delivered a solid set of results in a difficult period for consumers".

However, Mr Cheshire warned of "very tough times ahead" for the UK in particular.

Euan Sutherland, chief executive of Kingfisher UK, said that cash-conscious consumers were increasingly planning their own DIY endeavours in an effort to save money and improve the value of their property, the Guardian reported.

Kingfisher operates over 800 stores in eight countries in Europe and Asia.