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Kingfisher shares slide despite positive results

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Despite a positive set of full year results announced by Kingfisher yesterday morning, their shares became one of the biggest faller on the FTSE100, down 17.6p (6%) at 328p, their biggest daily fall since June 2016.

Access Kingfisher 2017 Final Results here

The owner of B&Q and Screwfix expressed confidence for the year ahead, however concerns were raised with regard to the uncertainty caused by Brexit and the fast approaching French presidential elections. The group, which also owns French chains Castorama and Brico Dépôt, stated that the Leave vote had clouded the UK economic outlook and it remained “cautious” on France, but it was not rethinking its five-year transformation plan.

Véronique Laury said: “We are well set up for this year and beyond. We are confident in the size of the prize and our ability to deliver the plan.” Group Finance Director Karen Witts added "UK consumer behaviour has not changed since the referendum and indicators such as tradespeople’s propensity to buy big-ticket power tools were holding up well'.

Laury said the climate in France, where far-right leader Marine Le Pen is vying to be elected President next month, was not “overly optimistic”, but Kingfisher could improve branding, competitiveness and online.

Mike van Dulken, head of research at Accendo Markets said "What is disappointing investors, however, is another poor show from key market France. With outlook always key, a cautious view on the geography due to a looming presidential election is hurting. Add to this challenges associated with Brexit in the UK and sentiment is struggling in terms of outlook for the two main geographies".

Kingfisher also announced that chairman Daniel Bernard will step down in June 2017 and be replaced by ex-InterContinental boss Andy Cosslett.

Source: Insight DIY Team

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23 March 2017

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