Lockdown during the Covid-19 pandemic has seen a dramatic increase in DIY projects.
Fewer leisure options and less travel has seen many people turn to jobs to improve their homes and gardens.
The trend has seen a dramatic rise in profits for DIY companies.
Kingfisher – which owns B&Q and Screwfix – has announced an adjusted profit before tax of £786 million.
The company made £544 million in the previous year.
In the 12 months to January 31st, 2021 pre-tax profits rose 634%.
Sales increased by 7.2% to £12.3 billion and online business soared by 158%.
Kingfisher outlets have been allowed to stay open during lockdown as they were an essential retailer.
Chief executive Thierry Garnier said:
“Kingfisher is coming out of the Covid crisis as a stronger business, with an improved competitive position in all key markets, strong new customer growth and a step change in digital adoption.
“I would like to express my personal thanks to all our teams for their incredible efforts in the most testing of circumstances.”
“Current trading remains positive and, while visibility is limited for the year as a whole, we are confident of continued outperformance of our wider markets.
“The Covid crisis has established new longer-term trends that are clearly supportive for our industry – including more working from home, the renewed importance of the home as a ‘hub’, and the development of a new generation of DIYers – and we expect these to endure.
“With our strategic progress, we are well positioned to capitalise on these new and positive market trends.”
