The interims stated:
Interim profits broadly flat, some 3% ahead of consensus
The company is flagging unchanged full fear expectations
Underlying profit before tax was flat at £440m
Retail profit was also flat at £467m (-5% in constant currency) against the consensus forecast of £452m
The fall in profit reflected lacklustre Like For Like in the UK, trading weakness in France and disruption (c.2% impact on group sales) from the Transformation Plan.
The beat against forecasts was all in the UK, with EBIT +2% at £215m being £17m ahead of consensus
Sales were down 0.4% (+1.1% LFL), reflecting the impact of B&Q store closures last year (sales –6.3%, LFL -2.3%) and business disruption, offset by continued strength at Screwfix (sales +18.7%, LFL +11.7%) and modest price inflation
As of 8.14am the stock was trading up c.6.7% at c.316.2p