Newspaper article The Journal (Newcastle, England)

Companies Today

Newspaper article The Journal (Newcastle, England)

Companies Today

Article excerpt

DIY STORES DEAL The owner of B&Q and Screwfix has unveiled plans to bolster annual profits by PS500m over five years as it looks to step up its financial performance.

Kingfisher said the PS800m strategy would help it become a "single, unified company" and return PS600m to shareholders within three years through a share buy-back scheme.

The company said a key part of the plan would be to ramp up its digital operation and open more trade-focused Screwfix stores across Europe.

But shares fell more than 3% in early trading, with some City analysts underwhelmed by the plan.

The announcement comes in the wake of a shake-up in the home improvement sector after rival retailer Homebase was taken over by Australian business Wesfarmers in a PS340m deal earlier this month.

QUITTING TWITTER Four of Twitter's key executives are leaving the company, it has been confirmed, as the social media site attempts to improve its struggling fortunes. …

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