B&Q

The parent company of DIY giant B&Q, Kingfisher, has reported a 20% fall in annual profits as it continues on its turnaround plan.

Kingfisher posted a profit of £512 million, down from £644m in 2014. Last year, B&Q announced plans to close 65 stores in the UK & Ireland to cut costs. In its financial update, the DIY retailer said it has so far closed 30 stores, with the remaining 35 to close in this financial year.

Excluding restructuring costs, Kingfisher said profits rose 0.3% to £686m. It said the plan is to increase annual profits by £500m within five years, and return £600m to shareholders. Sales in the UK & Ireland were up 5.6% in the year, highlighting "a stronger UK economy and a more buoyant housing construction market".

Kingfisher chief executive said: "This has been a very productive and important year.

"However, based on the solid progress so far, and the competence and enthusiasm of our colleagues, we feel very confident in our ability to deliver."