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Home-improvement retailer Kingfisher more than halved its cost-savings target after deciding to return the UK and Republic of Ireland business rates relief received as a result of the COVID-19 crisis.
Kingfisher's total annual business rates bill eligible for this relief was approximately £130 million, of which about £110 million would fall in fiscal 2020/2021 and the balance in 2021/2022.
Following this decision, we now anticipate that FY 20/21 adjusted pre-tax profit would include about £85 million of non-recurring cost savings, down from previous guidance of about £175 million.