Monday 21 August 2017

Wolseley on track to meet full year expectations as Q3 revenues rise to €4.85bn

Revenues at FTSE 100 plumbing and heating supplier for Q3 rose 17pc year-on-year
Revenues at FTSE 100 plumbing and heating supplier for Q3 rose 17pc year-on-year
Louise Kelly

Louise Kelly

Wolseley's fiscal results for the quarter to end-April indicate that the group is set to meet full year expectations.

Revenues at FTSE 100 plumbing and heating supplier for the quarter (Q3) rose 17pc year-on-year to £4.27bn (€4.85bn).

Trading profit of £254m was up 10pc on an annual basis - behind Wolseley's forecast of £271m.

However, the firm maintain that quarterly profit was affected by £17m due to two fewer trading days.

"Revenue growth in the quarter was good with US residential and commercial markets growing well and industrial markets improving. The Nordics returned to growth and the UK was broadly flat," John Martin, Wolseley chief executive, said.

"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. The group expects trading profit for the full year to be in line with current analyst consensus expectations."

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