Kingfisher plc has set aside nearly EUR 25 million to cover the cost of restructuring its loss making business in Ireland. The company announced that under the terms of a proposed scheme, it is planning to close two of B&Q stores, in Waterford and Athlone. The company also reported that it had made a £21 million or EUR 24.7 million provision for the restructuring process. The two B&Q stores that are closing in Ireland employ 69 part-time and 23 full-time staff.

Kingfisher plc announced earnings results for the year ended February 2, 2013. For the period, the company reported adjusted pre-tax profit of £715 million, profit before taxation after exceptional items of £691 million, profit after taxation of £564 million or 24.1 pence per basic share on sales of £10,573 million against adjusted pre-tax profit of £807 million, profit before taxation after exceptional items of £797 million, profit after taxation of £639 million or 27.5 pence per basic share on sales of £10,831 million a year ago period. Adjusted basic earnings per share was 22.3 pence against 25.1 pence per share a year ago. Free cash flow was £330 million against £367 million a year ago. Gross capital expenditure for the year was £316 million compared with £450 million a year ago. EBITDA was £987 million. The Board has proposed a final dividend of 6.37 pence per share which results in a full year dividend of 9.46 pence per share, an increase of 7.0% compared with 8.84 pence per share paid in 2011. The final dividend for the year ended 2 February 2013 will be paid on 17 June 2013 to shareholders on the register at close of business on 10 May 2013, subject to approval of shareholders at the Annual General Meeting, to be held on 13 June 2013. The company plans to open 68 net new stores (UK 50 Screwfix outlets, France 5, Poland 2, Russia 1, Turkey 4 & Spain 6), representing 3% space growth and revamp and extend four Castorama stores.

Kingfisher plc, 2013 Earnings Call, Mar 26, 2013