The chief executive of Kingfisher, which owns B&Q and Screwfix, is stepping down following its latest results showed more falling profits.

The company said Veronique Laury would remain in her role as chief executive until a successor is found.

It comes after profits dropped 13% over the past 12 months. Overall sales were up 0.3%, but like-for-like sales were down 1.6%. Underlying profits fell 13% to £693 million, but the overall decline was a hefty 52.8% when £111m costs associated with store closures were factored in.

Ms Laury was appointed in 2014 to lead a turnaround strategy for the struggling business which has cost an estimated £800m over five years. But with sales still struggling three years into the plan, its share prices has tumbled by 27% in the past year.

B&Q reported 2.7% drop in overall sales, while Screwfix performed well with a 10% rise.

Speaking of her departure, Ms Laury said: "Leading the transformation has been so exciting but also very challenging.

"As the transformation approaches its final year, I believe it is right for someone else to lead the next phase of the One Kingfisher journey."