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Home improvement retailer Kingfisher outlined plans to return £300 million to shareholders after raising its outlook for the second half of the year following a jump in first-half profit.
The company said £300 million would be returned to shareholders via share buyback programme, citing 'strong cash generation and confidence in its outlook.'
For the six months ended 31 July 2021, pre-tax wax up 70.6% to £577 million as sales increased 22% to £7.1 billion.
The interim dividend per share declared was raised to 3.80 pence from 2.75 pence.
Looking ahead, the company raised its second-half sales expectations, forecasting a decline of 7% to 3%, compared with prior expectations for a decline of 15% to 5%.
Full-year adjusted pre-tax profit was expected to be in the range of about £910 million to £950 million.