Wolseley plans £300m ‘special dividend’

PLUMBING supplies group Wolseley plans to return £300m to shareholders after a strong performance in the US and improvements at home helped it to post an 11 per cent rise in full-year profit.

The group reported trading profit for the year to the end of July of £725m, comfortably ahead of a company-supplied consensus of £704m.

”We are today proposing a special dividend of £300m accompanied by a share consolidation which reflects the group’s strong financial position and our desire to maintain an efficient and sustainable balance sheet,” chief executive Ian Meakins said in a statement.

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The company, which operates the Plumb Center and Ferguson chains in Britain and the United States, said they had seen good growth in the US and early signs of recovery in Britain, due to improved consumer confidence.

Wolseley employs around 360 staff at its site in Ripon, North Yorkshire