Kingfisher, parent company of B&Q was forced to release its first half figures nine days early after an “administrative error” saw draft numbers circulated.
The company explained: “It has come to our attention that, due to an administrative error, some draft figures were circulated externally on the afternoon of the 7 September.”
The figures relate to the results for the six months to August 1 2009. The home improvement group expects to report an adjusted pre-tax profit in the range of £345m-£350m – broadly made up of UK and Ireland at £148m, France £146m and other international at £53m.
Although the figures have not yet been formally approved, the group stated that it “recognises its regulatory responsibilities” and has published the initial figures more widely.
Kingfisher’s trading profit has come in around 10% ahead of financial services group Credit Suisse’s (CS) estimates and 20% up on H1 2008/9 at £350m. CS also believes that “continuing favourable trading conditions”, suggest that the company may see further “upgrades”.
“Kingfisher is making faster progress towards its medium term target of 19p of earnings and UK EBIT margins of 6-7% than was expected at the beginning of the year, highlighting its operational gearing and the benefits of reinvigorated management.”