Trading profit increases by 15% as Wolseley confirms acquisition of eight more firms for £171m.
Wolseley has increased trading profit by more than 15% in the 11 months to 30 June 2005.
Sales also increased by 10% at the global builders’ merchant despite a slowing market in the UK and flat market conditions on the continent.
Sales and profit at Wolseley UK increased by more than 10%, although the trading margin was negatively affected by higher pension, rebranding and restructuring costs. Wolseley warned that growth in the UK had slowed in the last few months.
Wolseley said its results were bolstered by high rates of organic growth in North America.
In a trading statement Wolseley also announced it had acquired eight more firms for £171m, bringing the total spend on acquisitions to approximately £430m for the financial year. Wolseley said the new companies would add £771m to group turnover for the full year.