Builders materials supplier boosts profit to £287.2m and increases UK turnover to £1.16bn thanks to strong RMI.
Wolsely has increased pre-tax profit by 26.9% to £287.2m for the six months to 31 January 2005. The builders’ merchant group said it was the ninth consecutive set of record first half results.
Wolsely said that higher margins and strong organic growth had contributed towards the profit growth.
In the UK Wolsely predicted that growth would be driven primarily by the RMI sector backed by a strong economy and continued government spending particularly in social housing. It said that the commercial sector, and industrial markets were showing signs of improvement.
The group recorded a 10% rise in turnover to £5.331bn, and said that 13 acquisitions in the first six months should generate £354m of extra sales per annum. Sales in the UK improved 13.6% to £1.16bn.
The group warned that the second half trading margin in the UK would reflect higher pension, restructuring and rebranding costs.