Announcing interim results, Wolseley reveals turnover has increased from £5.3bn to £6.7bn. Pre-tax profit rises 16%, from £296m to £346m.

Acquisitive materials firm Wolseley today posted record first half-year results, growing its business by 26% in the six months to 31 January.

Announcing interim results, Wolseley revealed it had increased turnover from £5.3bn to £6.7bn.

Group profit before tax also rose by 16%, from £296m to £346m.

The firm said that it had spent £436m for 22 acquisitions completed in the first half, which are expected to add £701m of revenues in a full year.

A further £162m of investment in the second half so far is set to bring aggregate investment to £598m, a record in any one year for the group.

Charles Banks, Wolseley group chief executive, said:

"We are delighted to report record half-year results for the 10th consecutive time. Overall, revenue increased by more than 26% and trading profit was up more than 21%.

"We are continuing to invest significantly in further improving our supply chain, sourcing and procurement to deliver growth and enhanced operational efficiency.

"The business is performing well, we are finding good acquisitions and the economic outlook for the rest of the year gives us confidence going forward."