Supplier reports strongest revenue growth in US and warns of ’weaker trends’ in UK
UK revenue for construction parts giant Wolseley grew organically by 1% over the past year in a small sign of improving prospects for the industry.
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Today’s interim management statement for the firm, often seen as a bellwether for the entire sector, said that like for like revenue in the UK was up for the three months to 30 April, compared to the same quarter last year.
Yet overall revenue in the UK declined by 4% mainly because of the sale of Brandon Hire in September 2010, and the firm warned of “weaker trends” in the UK and Canada.
Trading profit also dropped from £31m to £28m.
Overall, Wolseley grew its worldwide revenue 1% to £3.27bn and its trading profit was up 30% to £131m.
Chief executive Ian Meakins said: “Like-for-like revenue growth continues to be strongest in the USA, with positive momentum in the Nordics and France offset by weaker trends in the UK and Canada.”