DIY retailer Homebase has reported a 66% increase in operating profits for the half year ended August 29.
Parent company the Home Retail Group, which also owns Argos, said Homebase’s operating profits increased by £19m during the period to £48.9m, while sales rose by 3% to £866m.
Home Retail Group chief executive Terry Duddy said the performance had exceeded expectations. “Our focus on cash margin and an extremely tight control of costs have been the clear drivers of a successful first half performance,” he said.
Group profits before tax totalled £116.8m, compared with a loss of £437m a year earlier.
Mr Duddy said the group would continue to plan cautiously for consumer demand over the remainder of the financial year and there would be a more significant impact from adverse currency movements during this period.
There are now 350 Homebase stores, five more compared with a year ago.
