DIY giant Kingfisher has been booted out of the FTSE 100 following its quarterly review.

The group, which owns B&Q and Screwfix in the UK, has been relegated from the blue-chip list of public companies alongside NMC Health and holiday operator Tui.

The trio has been replaced by Fresnillo, Intermediate Capital Group and Pennon Group.

Kingfisher’s demotion comes amid a challenging period for the business as new boss Thierry Garnier battles to revive its fortunes.

The business had embarked on its One Kingfisher strategy under former chief executive Véronique Laury, which was designed to drive synergies between its stable of UK and European businesses, which also includes Castorama and Brico Depot in France.

Kingfisher launched unified product ranges across the group and also overhauled its IT systems as part of the wide-ranging transformation plan.

Laury said the plan, which she launched in 2015, would lead to a £500m annual profit uplift for the group once it had been completed.

However, when Kingfisher revealed Laury’s departure a year ago, it admitted that target “no longer reflected the way the company is managed”.

The group’s share price has slumped since kicking off the One Kingfisher plan. It stood at 377.2p in June 2015, but closed at just 188.8p yesterday.

Garnier, the former boss of Carrefour’s Asian business, could rip up Laury’s plan after chair Andy Cosslett opened the door for a strategic reset.

Cosslett said in September that Garnier would have the “opportunity to review everything that’s going on with the business”, having previously insisted that Kingfisher was “wedded” to Laury’s plan despite her departure.

Garnier has quickly set about rebuilding his senior team and earlier this week promoted Screwfix ecommerce chief Sue Harries to the role of group ecommerce director.

Last month, Kingfisher said it had completed its executive team after poaching Costa Coffee’s Kate Seljeflot as its new chief people officer, naming Martin Lee as group supply chain officer and promoting Adela Smeu, the boss of Brico Depot’s Romanian business, to the top table.

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