Ian Cheshire joked that it sounded like a party political broadcast, but the Kingfisher chief executive’s sales pitch to investors today was almost straight from Budget day: the next four years will see prudence, stability and ruthlessness when it comes to setting budgets.

In return for a 50 per cent cut in the dividend, shareholders are being promised jam tomorrow. Mr Cheshire is insisting that there will be an “escalator of improvement” as non-essential projects are cut and management focuses investment only on those areas where returns are likely to be at their highest.

Capital expenditure will fall by £130 million this year to £400 million, net debt will be flat at £1.6 billion, and Kingfisher believes that earnings per share will begin to grow.

It had better do, otherwise Mr Cheshire will miss out on a potential £16 million pay-day in four years’ time under a heavily incentivised bonus scheme.

Despite the worsening economic climate there are signs that Kingfisher is already turning the corner. Eleven B&Q refurbs are generating sales of £200 a square foot and Mr Cheshire said that the business in Poland was “growing like a weed”.

The shares have fallen again today — and are down 54 per cent on a year ago — but given a property portfolio of £3.6 billion, and the prospect of disposals when the credit markets finally begin to improve, expect the stock to rally as the Cheshire revolution begins takes hold.

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