No Brexit impact on B&Q

B&Q said there has been "no clear evidence" of falling demand following the Brexit vote.

Like-for-like sales at the DIY specialist rose 3 per cent to £3bn, driven by strong growth at trade outlet Screwfix.

The retail group said like-for-like sales at Screwfix rocketed 13.3 per cent as it benefited from extended ranges and new store openings. Same-store sales at B&Q rose 5.6 per cent in the quarter to July 31.

Chief executive Veronique Laury, who is overseeing a turnaround plan at the retailer, said: "We have delivered another solid sales performance in Q2 driven by the UK and Poland.

"In the UK, the EU referendum result has created uncertainty for the economic outlook, although there has been no clear evidence of an impact on demand so far on our businesses."

The figures indicate that the home improvement sector has likely held up following the referendum.

However, Ms Laury also flagged that industrial action and wet weather in France, where Kingfisher trades as Castorama, created a "challenging environment". Like-for-like sales fell 3.2 per cent in the country.

As part of her revival plans, the chief executive is aiming to boost profits by £500m a year by 2021.