So it ought to be a horrible time to be a retailer whose biggest market is the UK and whose second largest is France. The third factor is simply that Kingfisher is a tightly run business, especially in the UK. If you do not have an account, we will create a guest account for you on theguardian.com to send you this newsletter. after newsletter promotionNone of which means the hedge funds are wrong in their general big-picture gloominess about the UK and France. Kingfisher is basically a resilient business that generates cash in most conditions and pays a good dividend to shareholders.