Firm’s performance indicates small sign of improving prospects for the industry
UK revenue for construction parts giant, Wolseley, grew organically by 1% over the past year (accounting for sales of parts of the business) in a small sign of improving prospects for the industry.
Wednesday’s interim management statement for the company, 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 with the same quarter last year.
Yet overall the firm’s revenue in the UK declined by 4% mainly because of the sale of Brandon Hire in September 2010, and Wolseley warned of “weaker trends” in the UK and Canada.
Trading profit also dropped from £31m to £28m.
Wolseley grew its worldwide revenue 1% to £3.27bn and its trading profit was up 30%.