Key facts
- Kingfisher shares jumped 18% after the company upgraded its full-year profit guidance.
- Kingfisher reported adjusted profit of £368 million in the six months to July 31.
- B&Q and Screwfix like-for-like sales increased by 4.4% and 3% respectively.
- The company accelerated its share buyback program.
- Smiths Group reported annual organic revenue growth of 8.9% and an operating margin of 17.4%.
- The UK flash PMI for September fell to 51, indicating a slowdown in private sector output.
Kingfisher, the owner of B&Q and Screwfix, saw its shares climb 18% after raising its full-year profit forecast, driven by strong trading in its UK home improvement businesses. The company reported adjusted profit of £368 million for the six months to July 31, with like-for-like sales at B&Q and Screwfix up by 4.4% and 3% respectively. Kingfisher also noted improved sequential trends in France and Poland and accelerated its share buyback program.
Smiths Group was another top performer in the FTSE 100, with its shares advancing 4% after reporting annual results that exceeded expectations. The industrial conglomerate posted organic revenue growth of 8.9% and an operating margin of 17.4%, and made progress on the separation of its Smiths Interconnect and Smiths Detection businesses.
In broader market news, the FTSE 100 index rose 0.4% to 9260.35, while the FTSE 250 index gained 0.8% to 21,775.32. The gains were supported by weakness in the pound following a disappointing UK economic report. The flash Purchasing Managers' Index (PMI) for the UK private sector in September came in at 51, indicating a sharper-than-expected slowdown in growth compared to August's 53.5.