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Kingfisher to cut dividend

Published: 22 March 2008
Kingfisher is expected to cut its dividend by up to 50%.
Kingfisher to cut dividend
Speculation is rife in this weekend's Sunday press that a profits downturn at Kingfisher will force B&Q's owners to cut the dividend to potentially save more than £100m.

The speculation – fuelled by UBS and Credit Suisse, the latter, the company’s house brokers – has prompted others to suggest a cut from 6.8 pence to just 2.0 pence, leaving shareholders with a 5.85 pence payout for 2007-08.

Announcements at the presentation on Thursday 27 are also expected on a reduction in capital expenditure, and a new management structure at Kingfisher.

Analysts also believe Kingfisher will, at some point, sell its stake in Hornbach, and its Italian operation.

Profits are expected to fall in the region of £380-385 million for the year to February 2, 2008 down from £397m in the previous year.

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