Wolseley profit ahead of expectations

Published:  14 May, 2010

LEAMINGTON SPA: Wolseley expects to beat market expectations for the full year after operating profit more than doubled in the third quarter.

Wolseley posted an underlying operating profit of £101m in the third quarter, a rise from £48m last year and largely from cost cutting. Revenue slipped 2% on a like-to-like basis to £3.25b.

Chief executive Ian Meakins, said:" Demand across the markets in which we operate remains mixed though most markets continue to stabilise. The UK and Canada generated like-for-like revenue growth and the revenue trend is encouraging in the USA."

The group is seeing a continued recovery in new residential markets, but this is offset by declining commercial markets.

Wolseley's net debt rose to £1.06b at the end of April from £910m at the end of January.

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