Wednesday preview: Kingfisher reports full year results

Home improvement retailer Kingfisher reports its full year results on Wednesday, with analysts pencilling in a 4% drop in pre-tax profit to £688m amid a restructuring.

The owner of B&Q and Screwfix is preparing to face increased competition from Homebase following its sale by Home Retail Group to Australian business Wesfarmers.

However, analysts at Numis said investors are likely to pay more attention to the Easter trading backdrop.

“Since the third quarter results, details have been provided of the strategic and financial aspects of this, which will lead to significant implementation costs and higher capex, but which the company hopes will lead to much higher levels of long-term profitability,” Numis said.

"The shares have performed in line with the sector over the past 12 months, having recovered recently due to the strength of the euro (40% of profit)."

In early December, the company reported third quarter retail profit of £223m, down 6.6% on a reported basis but up 0.4% as constant currency rates. Kingfisher said £5m of additional store development activity in France and Poland compared to last year cut into retail profit.

"Q3 trading conditions have followed a similar trend to the first half of the year, reflecting the more encouraging macroeconomic backdrop in the UK offset by a softer market in France,” chief executive Veronique Laury said at the time.

Wednesday 23 March

INTERIMS
DFS Furniture, Tracsis

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Crude Oil Inventories (US) (14:30)
New Home Sales (US) (14:00)

GMS
Telecom Egypt SAE GDS (Regs)

FINALS
Anglo Pacific Group, Burford Capital , Kingfisher, Lamprell, Phoenix Group Holdings (DI), Quixant

ANNUAL REPORT
IMI, Morgan Sindall Group, PJSC RusHydro ADR

AGMS
Amino Technologies, Blackrock Throgmorton Trust, GW Pharmaceuticals, IMI, Pinnacle Technology Group, Premier Veterinary Group , RM, Safestore Holdings, St. Modwen Properties

UK ECONOMIC ANNOUNCEMENTS
BBA Mortgage Lending Figures (09:30)
CBI Industrial Trends Surveys (11:00)
Public Sector Finances (09:30)

FINAL DIVIDEND PAYMENT DATE
Lancashire Holdings Limited

FINAL EX-DIVIDEND DATE
Computacenter.