Kingfisher PLC (LSE:KGF) shares soared 19% after interim results came with an upgrade to full-year guidance for profit and free cash flow.
The first half saw a good UK performance across the group's B&Q and Screwfix chains, with like-for-like sales up 4.4% and 3.0% respectively, alongside improving trends in France and Poland.
Revenues came in at £6.8 billion, in line with expectations, while group like-for-like sales growth of 1.3% was better than the 0.8% consensus forecast, with underlying like-for-like sales growth of 1.9% if removing 'calendar impact'.
Adjusted profit before tax climbed 10.2% to £368 million, while statutory PBT rose 4.1% to £338 million.
"In a higher cost environment, we remain disciplined on managing costs and cash," said CEO Thierry Garnier, hailing initiatives to boost profit margin and operating costs, combined with a positive impact from "strategic drivers".
Free cash flow rose by 13.5% to £478 million.
With the board's expectations for the group's markets little changed, despite "mixed consumer sentiment and political uncertainty", Garnier said adjusted PBT is now expected to be "at the upper end" of the previously guided £480-540 million range.
"This reflects our strong profit performance in the first half, alongside second half weighted investment in marketing and technology to support our strategic growth initiatives."
Free cash flow guidance is now expected to be between £480 million and £520 million, up from the previous £420-480 million.
The shares flew 19% higher to 300.9p in early trading on Tuesday.