Kingfisher suffers post-lockdown DIY hangover but there’s a remedy at hand for investors

A strategic update full of guff obscures an improvement plan that could bring better numbers next year

Kingfisher has a plan to reinvigorate UK store profile (PA)

Kingfisher is finding the DIY market tougher than when customers were confined to their homes by Covid restrictions.

The owner of B&Q and Screwfix has just reported an ugly 40 per cent decline in pre-tax profits for the year ending 31 January. It’s not just big tech that is suffering a post-pandemic hangover.

The retail group also recorded a thumping £555m cash decline – understandably, something investors tend to worry about – while net debt leapt from £1.6bn to £2.2bn.