Kingfisher Interim Profits Up 18 Percent

LONDON (AFP) - Kingfisher, Europe's largest home-improvement retailer, posted an 18 percent surge in interim headline profits driven by rapid expansion in its international operations.

Pretax profit before goodwill and exceptional items rose 18 percent to 345.9 million pounds in the six months to July, comfortably beating the 339.9 million pound market consensus.

Revenues climbed 9.6 percent to 3.9 billion pounds with sales in Britain and Ireland up 6.3 percent, or 3.1 percent from stores open for a year or more.

Sales at Kingfisher's international operations surged 19.9 percent, or 10.7 percent like-for-like, with profits up 23.3 percent.

The company issued an upbeat message about its prospects and tried to allay concerns it is facing a more severe slowdown in Britain, which still accounts for nearly 60 percent of sales.

Kingfisher's home-improvement businesses include British-based B and Q and Screwfix, as well as the French-based groups Castorama and Brico Depot.