Wolseley Q3 profit up on US trading
Wolseley, which is the world’s largest supplier of plumbing and heating equipment, today reported a 30% rise in third quarter operating profit.
The company, which was badly hit by the housing market downturn, said strong revenue growth in the US helped to offset weaker trading in the UK.
The plumbers’ merchant said profits for the three months to 30 April were £131 million compared with £101 million in the same period a year earlier.
In a statement today, chief executive Ian Meakins, said: “New residential construction, which accounts for 20% of group revenue, remained subdued in most regions, while demand in repair, maintenance and improvement (RMI) segments held up well in most markets.”
It added it is confident of meeting its full-year targets, while there is speculation that it is in negotiations to sell units Build Centre, Electric Centre and Encon as part of an ongoing restructure.