2022-11-24 16:26:29

B&Q owner Kingfisher kept warm by rising orders for insulation products

Logo Daily Mail
Daily Mail
By Harry Wise

Kingfisher has continued to post healthy sales results as soaring electricity and gas prices led to an increase in demand for insulation products.

Britain's largest home improvement retailer, which runs hardware store chain B&Q, reported a surge in orders for central heating controls, thermostatic radiator valves and smart room thermostats at its Screwfix stores.

This helped the group's overall turnover grow by 1.7 per cent at constant currency levels to 3.26billion in the three months ending October, despite European countries facing more challenging economic circumstances.

Thierry Garnier, Kingfisher's chief executive, said sales were being supported by the pandemic-induced trend for working from home and an impending need among consumers to save money on energy bills.

Energy costs for households and businesses have shot up in the past 12 months following the relaxation of lockdown and travel restrictions and Russia's full-scale invasion of Ukraine.

Consequently, more consumers and businesses have sought out building materials such as insulation and wall panels that can trap more heat indoors, particularly in Britain, which has some of western Europe's most draughty properties.

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