10th Nov 2015 07:50
LONDON (Alliance News) - Building materials company Wolseley PLC on Tuesday said its revenue increased in the first quarter of the new financial year thanks to a strong performance in the UK, with trading profit also increasing.
The FTSE 100-listed company said revenue for the three months to the end of October rose to GBP3.56 billion, up from GBP3.38 billion a year earlier. The growth in revenue was driven by the US, where construction markets remain very strong. Revenue from its UK and Nordic businesses was broadly flat in the quarter, but revenue from Canada and Europe fell due to soft markets and currency effects.
Trading profit for the quarter rose to GBP250.0 million from GBP236.0 million, as its gross margin improved to 28.0%. In the quarter, Wolseley struck a deal to sell its building materials businesses in France and completed four bolt-on acquisitions.
"We will remain vigilant on costs and continue to drive performance improvements, strong cash conversion and better customer service," said Chief Executive Ian Meakins.
By Sam Unsted; [email protected]; @SamUAtAlliance
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