Wolseley reiterates full-year forecast after quarterly profit rise

Heating and plumbing supplier Wolseley forecast full-year trading profit in line with market expectations, as it reported a 9.5 per cent rise in third-quarter profit on the back of sales growth in all its regions except the UK.

The company said trading profit restated to exclude some exceptional restructuring costs rose to £254 million (€289 million) in the three months ended April 30th, from £232 million a year earlier.

Wolseley, set to change its name at the end of next month to match its US brand Ferguson Plc, said revenue grew 16.7 per cent to £4.27 billion. Like-for-like revenue grew 6.6 per cent, ahead of the 3.2 per cent comparable growth reported in the first half.

“Since the end of the period revenue growth has been broadly in line with the third quarter, gross margins and cost control have been good,” chief executive John Martin said in a statement on Tuesday. – (Reuters)