Monday 23 October 2017

Wolseley to rebrand as Ferguson as revenue rises to €9.91bn

Ellie Donnelly

Ellie Donnelly

Wolseley has announced revenue of €9.91bn (£8.46bn) for its H1 2017 period.

The increase in revenue to £8.46bn for the world’s leading specialist distributor of plumbing and heating products was up 24.5pc on 2016. Trading profit increased 25pc year on year to £515m.

Net debt at end-January was £1.3bn, while an interim dividend per share of 36.7p has been announced.

Meanwhile, following a strategic review, the company confirmed that it has decided to exit the Nordic region.

The company also announced that it will switch its reporting to US dollars and the group name will change to ‘Ferguson plc’.

However it will continue to use the Wolseley name in the UK and Canada where it has strong local recognition.

In commenting on its outlook, John Martin Chief Executive said that “like-for-like revenue growth since the end of the period has been about 4.5pc for the Group and 5.5pc in the USA”.

“We continue to execute our strategy of investing in profitable growth and expansion where appropriate while keeping tight control of the cost base. We expect the Group to make further progress in the second half” Martin added.

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