New French boss for Kingfisher

She will face the daunting task of integrating Mr Bricolage - a new acquisition yet to be approved by the French anti-trust authorities - as well as expanding into new territories, rolling out fresh systems and pressing ahead with restructuring plans for B&Q in the UK. Nevertheless, Mr Cheshire insisted his departure had nothing to do with the company’s trading. Instead, he explained that he faced the choice of either stepping down or committing to another five years at the group - adding that the business was "well positioned". Mr Cheshire also confirmed that the £200m capital return programme started at the beginning of the year would resume by means of a £65m share buyback.

Top-line growth during the first half was dampened by the usual foreign exchange headwinds, while profits were further muted by exceptional costs. Strip these effects out and group sales rose 5 per cent or 2 per cent on a like-for-like basis, while adjusted operating profits were 3 per cent higher at £390m. Once again, the top performer was the UK and Ireland division. Like-for-like sales here grew 4 per cent, while operating profits jumped 18 per cent to £166m, buoyed by demand from the booming construction sector and tradesmen as well as sales of seasonal goods (like outdoor furniture).

Across the channel, however, poor consumer confidence and the weak housing market depressed sales and kept profits flat in France. Trading also deteriorated in China, where Kingfisher is now seeking a strategic partner, leading to an £11m loss. This, coupled with higher costs, offset good trading elsewhere in the 'other international' segment, leaving profits 23 per cent lower at £42m.

Cantor Fitzgerald has cut its pre-tax profit forecast for the full year by 4 per cent to £750m, giving EPS of 23p.