Kingfisher PLC raised its full-year profit and free cash flow guidance on Tuesday, citing a strong first-half performance driven by its B&Q and Screwfix brands in the U.K.
The home improvement retailer said it now expects adjusted pre-tax profit for the fiscal year to be at the upper end of its previously guided range of 480 million to 540 million British pounds.
Free cash flow guidance was also lifted to a range of 480 million to 520 million pounds, up from a previous forecast of 420 million to 480 million pounds.
For the six months ended July 31, the company reported a 10.2% increase in adjusted pre-tax profit to 368 million pounds, as total sales rose 0.8% to 6.81 billion pounds.
The results were underpinned by its U.K. operations, where like-for-like sales, a measure from stores open for more than a year, grew 4.4% at B&Q and 3.0% at Screwfix.
The company noted improving trends in France and Poland, though the market backdrop in those regions remains subdued.
"Combined with our H1 performance, this gives us the confidence to upgrade our full year profit and free cash flow guidance and to accelerate our share buyback programme," Chief Executive Thierry Garnier said.
Kingfisher also announced it would accelerate its current 300 million pound share buyback program, with completion now expected by the end of March 2026.