B&Q owner Kingfisher has said it is considering axing 15 stores group-wide on top of 19 Screwfix closures in Germany as it announced plans to hunt for a successor for chief Veronique Laury.
Kingfisher said it had not yet set a date for Ms Laury's departure and confirmed she will remain as group chief executive until a successor has been appointed.
The group said the 15 stores are earmarked to be shut over the next two years, while the closures in Germany will leave it with only an online presence for Screwfix in that country.
It came as Kingfisher reported a 52.8 per cent plunge in pre-tax profits to £322 million for the year to January 31.
On an underlying basis and stripping out property one-off costs, pre-tax profits fell 13% to £693 million.
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Ms Laury said: "I would like to thank all our colleagues for their hard work and great achievements.
"Leading the transformation has been so exciting but also very challenging.
"I will continue to give 100 per cent until the day I depart."
Andy Cosslett, chairman, said: "Vero has been a powerful leader of the business and the driving force behind our plan to turn Kingfisher into a more unified and innovative business."
Kingfisher shares fell five per cent after its results.
German carmaker BMW has said profits in 2019 will be "well below" last year's and it plans to cut €12 billion (£10.3bn) in costs by the end of 2022 to offset spending on new technology.
The company said profits would be eroded by higher raw materials prices, the costs of compliance with tougher emissions requirements and unfavourable shifts in currency exchange rates.
The Munich-based carmaker also faces increased uncertainty due to international trade conflicts that could lead to higher tariffs.
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The company forecast a profit margin of 6 per cent to 8% for its automotive business, short of the long-term strategic target of 8% to 10%, which it said still "remains the ambition" for the company given "a stable business environment".
BMW said it had no plans for layoffs even as it outlined cost-saving measures that include dropping half of its engine variants as it seeks to reduce product complexity.
OakNorth, the British challenger bank for business, more than tripled profits in 2018 as its loans facilities surpassed £2 billion.
Profits before tax rose 220 per cent to £33.9 million last year, while total loan facilities grew 160% to £2.2bn.
OakNorth lends between £500,000 and £40 million to profitable British businesses with ambitions to scale up.
Its clients to date include Leon, NetPay and Raymond Blanc's pub and restaurant group Brasserie Bar Co.
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