Materials firm Wolseley announced this week that group revenue for the first 11 months of the financial year had risen 25% on the same period last year.

It said in a statement that trading profit, that is, operating profit before goodwill amortisation, had also increased 20%, although the rate of growth had slowed in the second half of the year.

To put this in context turnover for the last full year was nearly £11.3bn and trading profit was £720.8m.

The company added in its trading statement that favourable currency fluctuations had added £300m to revenues.

Charlie Banks, Wolseley chief executive, admitted that parts of its European business were flat because of the faltering economy on the Continent, but he remained positive about the next financial year.

The American economies are strong and this encourages us

Charlie Banks

He said: “Although Europe remains slow, the North American economies are strong and this encourages us for the months ahead.”

City adviser Teather & Greenwood backed the company, issuing a “buy” recommendation to City traders after the announcement.

Wolseley made the statement ahead of its closed period to collect results for the year to 31 July.

The results are due to be announced on 25 September.