Kingfisher to buy back up to GBP35m in shares

B&Q owner Kingfisher announced on Friday that it will buy back shares worth up to £35m to reduce the share capital of the company.

The group has instructed Credit Suisse in relation to an irrevocable, non-discretionary programme to purchase its shares for cancellation, during the period commencing 1 August and ending no later than 19 September 2016.

In May, the company said in a first-quarter trading update that sales were up 3.6% on a life-for-like basis to £2.7bn, driven by the UK and Poland.

Chief executive officer Veronique Laury said at the time: “We have made a solid start to the year, trading in line with expectations.

"In addition, I am pleased with the early progress we are making on our operational milestones for this year, the first year of our ambitious five year plan. We continue to feel confident in our ability to deliver our plan, based on putting customer needs first, supported by the expertise and enthusiasm of our colleagues."

At 1126 BST, shares were up 0.4% to 335.40p.