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Article: Forgive the mishap, Kingfisher can grow

Article from:
The Independent (London, England)
Article date:
September 18, 2009
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Investment Column

Our view: Buy

Share price: 203p (-2.5p)

Last week's email mishap meant we got an early taster of Kingfisher's results (rough numbers were mistakenly sent to analysts). Yesterday the main course was served - and good eating it was too. The owner of the DIY chain B&Q posted a 34.6 per cent rise in adjusted pre-tax profits to 288m. Most of the company's main businesses have been doing well but it has also managed to keep tight control of costs.

The UK was its star territory, with a 66 per cent jump in retail profits as a warm May and June brought shoppers out at a time when the credit crunch meant competitors were falling by the wayside. B&Q appears to have to regained ...

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