B&Q and Screwfix owner Kingfisher is introducing a £300 million share buyback after the company published record figures for the first half of the year.

The multinational retailer saw pre-tax profits jump by more than 70 per cent to £667 million, from £398 million during the same period of 2020.

Sales reached more than £7 billion, rising from £5.9 billion in the previous year, representing nearly a 20 per cent increase.

The company's chief executive, Thierry Garnier, said that with the business in such a strong position, it now has plans to accelerate Screwfix’s expansion in the UK & Ireland.

It will also open its first Screwfix stores in France next year.

Garnier added that key factors in the company’s growth included a new one-hour delivery proposition at Screwfix, its new OEB kitchen ranges, and “many mobile-led and service innovations,” including a new Screwfix app.

“We have navigated well through the challenging operational impacts of the pandemic, retaining good product availability at competitive prices and operating safely,” said the chief exec. “We have addressed many of Kingfisher’s past issues, with ‘fixes’ now complete in the UK and Poland.

“We are also on track in France, with positive results from our ongoing programme to repair our ranges and optimise the logistics network.”

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