UPDATE 2 — Kingfisher raises annual profit outlook after strong first half
First-half profit up 9.9%, ahead of analysts' expectations Won market share at Screwfix, in Poland and Spain Forecasting full-year profit of £595-£635 million Shares up 8.8% (Adds shares in paragraph 2, analyst comment in paragraph 6, CEO comment paragraph 10) By James Davey LONDON, Sept 22 (Reuters) — European home improvement retailer Kingfisher raised its full-year profit forecast on Tuesday after delivering a better-than-expected 9.9% increase in its first half, driven by market share gains in the UK, Poland and Spain. Shares in the FTSE-100 listed group, which owns B&Q and Screwfix in the UK and Castorama and Brico Depot in France and other markets, jumped 8.8% after the results, extending gains over the last year to 32%. Kingfisher said strong sales growth at Screwfix in Poland and Iberia, driven by trade and e-commerce initiatives, product innovation and seasonal categories, was partly offset by lower sales at B&Q and Brico Dépôt France. Total sales, including through its marketplace, increased 1.6% to £7.1 billion ($9.48 billion) over the six months to July 31, while underlying like-for-like sales rose 0.3%. The group made an adjusted profit before tax of £404 million,.