International home-improvement company Kingfisher today announced that annual profits have soared through the £1billion mark.
The major group, whose brands include B&Q and Screwfix, said the 12 months to the end of January had seen "very strong" financial performance.
Pre-tax profits was £1.007billion, compared to £756million for the previous financial year - a jump of 33.1%.
Turnover surged by 6.8% to £13.183billion.
Kingfisher operates in eight countries across Europe, with nearly 1,500 stores and 82,000 staff.
CEO Thierry Garnier said: "Kingfisher has delivered a year of very strong financial performance. We saw growth in all banners and categories, with resilient demand from both DIY and do-it-for-me/trade segments - each representing 50% of group sales.
"We continue to leverage our stores assets and group technology to drive forward our ecommerce proposition, with faster click & collect and home delivery, and broader product choices for our customers.
"18% of our sales are now made online, which is 10% points higher than two years ago.
"B&Q had an outstanding year, with sales passing £4billion.
"It was also a record year of expansion for Screwfix, with 70 new stores opened in the UK and Ireland, and Screwfix France showing very promising early progress."
As regards the year ahead Mr Garnier said that, while the macroeconomic and geopolitical environment is uncertain, there would be continued focus on top-line delivery and market-share growth, strong execution, effective management of the company's gross margin, and active and responsive management of operating costs.
He added: "We are now over two years into our new strategy, and execution is ahead of schedule. With the business in a strong position, we are accelerating our investments for growth - through the launch of our scalable e-commerce marketplace, the expansion of Screwfix in the UK and France, new store openings in Poland, and our plans to increase our trade customer base.
"Looking forward, we are confident that these investments, supported by continued strong execution and the new demand-drivers we are seeing in our industry, will drive faster growth in sales, profit and free cash flow."
FTSE 100
Meanwhile the UK's top share index, the FTSE 100, was up 31 points at 7,473 shortly after trading started this morning. It closed yesterday up 48 points.
Brent oil futures were 1.41% ahead at $117.25 a barrel.
Companies reporting today
- Full-year results: Alliance Pharma, Carnival, Diaceutics, Diversified Energy Company, Fintel, Kape Technologies, Kingfisher, Harworth Group, Longboat Energy, Luceco, Oxford Nanopore Technologies, Pebble Group, Sabre Insurance Group, Staffline Group, Trustpilot Group, YU Group, Zotefoams
- Interim results: Diurnal Group, ScS Group, Softcat, YouGov
- AGMs: CC Japan Income & Growth Trust, Crest Nicholson Holdings, Standard Life Private Equity Trust, Starvest, Wynnstay Group
Economic announcements
- ONS - Government borrowing figures for February