PracticeConsultingIn the spotlight: Kingfisher takes off

In the spotlight: Kingfisher takes off

It has been a difficult year but one that ended with signs of promise for Philip Rowley, who as finance director of retail giant Kingfisher, is among the country's highest-paid FDs.

With B&Q and Castorama, Kingfisher dominates the European DIY market. Superdrug, Woolworths and entertainment retailer MVC are other parts of the Kingfisher retail empire.

But the company received a blow in June when its proposed marriage with supermarket chain ASDA was wrecked by a rival bid from Wal-mart. The company has recovered well.

In December it reported sales growth for the three months to October of over 50% from £1.72bn to £2.59bn compared to the corresponding period a year earlier. The City will be watching to see whether that is repeated when Kingfisher issues its latest trading statement next week.

Rowley scored a number of notable successes last year. In 1998 in response to Customs withdrawing a particular method of calculating VAT amounts due, Kingfisher created a £45m accrual but the company immediately set about appealing. The appeal proved successful and the accrual was released last year.

Rowley and his team also brought Castorama on to the same accounting schedule and was able to book the deal in an innovative way that minimised the goodwill hit to the company.

Rowley is well rewarded. A chartered accountant, he enjoyed a package of £515,000 last year despite only joining the company half-way through its financial year. Annualise that – the figure is made up of £190,000 in relocation costs and allowances, £155,000 in basic pay and a bonus of £136,000 – and his annual pay package was about £650,000. He arrived at the company as a director in August 1998 and became group finance director that October, although it is Rowley’s second spell with the company.

He joined from Golden Books, the USA’s largest children’s book publisher where he was chief operating officer. He is a former executive chief financial officer of EMI Music Worldwide.

Related Articles

5 tips for SMEs to protect cash flow

Accounting Software 5 tips for SMEs to protect cash flow

5m Alia Shoaib, Reporter
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

11m Stephanie Wix, Writer
Managing partner Q&A - the year ahead: Richard Toone, CVR Global

Accounting Firms Managing partner Q&A - the year ahead: Richard Toone, CVR Global

12m Kevin Reed, Writer
Deloitte 'self-imposes exile' on government contracts to defuse PM row

Accounting Firms Deloitte 'self-imposes exile' on government contracts to defuse PM row

12m Kevin Reed, Writer
Managing partner Q&A - the year ahead: Julie Adams, Menzies

Accounting Firms Managing partner Q&A - the year ahead: Julie Adams, Menzies

12m Kevin Reed, Writer
Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

Business Regulation Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

1y Kevin Reed, Writer
Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

Audit Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

1y Kevin Reed, Writer
New head of equity capital markets for KPMG

Accounting Firms New head of equity capital markets for KPMG

1y Stephanie Wix, Writer