Over 2,000 Kingfisher employees to share estimated £7.4m

Over 2,000 employees of B&Q and Screwfix owner Kingfisher plc are celebrating today following the maturity of two strongly performing ShareSave schemes. The schemes will pay out a total of £13.8 million, representing an estimated total gain of £7.4 million. This equates to an average gain of £3,516 per person (as at 30 November 2011 share price of 255.6p).

The majority of those receiving the windfall are B&Q store-based colleagues (1,890 of the 2,121), with almost 100 employees from sister company Screwfix also benefiting.

Euan Sutherland, CEO of Kingfisher UK & Ireland, said: “At Kingfisher we believe that the colleagues who contribute to the success of the company should share in the rewards and it’s great news for our colleagues at B&Q and Screwfix that they can share in this pre-Christmas windfall.”

Ian Cheshire, Kingfisher’s Group Chief Executive, said: “The business has made good progress in the past three years during what has been a difficult time for the economy and for consumers. Retailing is a people business and it is the hard work of our staff that has delivered this performance. I am delighted that they are sharing in the benefits.”

Kingfisher launched its ‘Delivering Value’ strategy in 2008 with the aim of improving returns to shareholders. Since then, annual profits have risen from £357 million to £670 million, net debt has fallen by around £1.6 billion and the share price has performed strongly. The performance of the Save as You Earn Schemes is a reflection of this progress.

Case studies:

22 year old Danielle Macey works in B&Q’s Nursling store in Southampton as a part time checkout assistant. She has been saving the maximum £250 per month in the three year scheme. She will receive a payout of £22,511 (based on 30 November share price) - that's a gain of £12,911 which she’s planning on putting towards a deposit on her first flat.

61 year old Nirmala Dodhia works in B&Q’s Potters Bar store as a customer adviser on décor and has been saving £150 per month in the five year plan. She is set to receive a total payout of £12,767; a gain of £2,944. She’s saving towards a trip of a lifetime to India once she retires.

Source: Kingfisher Press Release.