Belfast Telegraph

Homebase owner sees 90% profits crash

By Holly Williams

The Australian owner of struggling DIY chain Homebase, which has nine stores here, has revealed woes at its UK business left half-year profits crashing 87%.

Bunnings group Wesfarmers, which bought Homebase in 2016, confirmed a hit of $931m (£524m) on its UK and Ireland arm as it saw losses more than treble in the division.

It blamed the "rapid repositioning" of Homebase and difficult trading in the UK for a jump in underlying pre-tax interim losses in the UK business to £97m from losses of £28m a year earlier.

Belfast Telegraph

Weekly Business Digest Newsletter

This week's business news headlines, directly to your inbox every Tuesday.