Wolseley’s first half profits rise

PLUMBING supplies group Wolseley posted an 8.8 per cent rise in first-half trading profit today, lifted by stronger trading in the US, Britain and the Nordic region.

By The Newsroom

Published 25th Mar 2014, 08:31 BST

The company, which operates the Plumb Center and Ferguson chains in the US and Britain, reported trading profit of £360m for its ongoing business in the six months to the end of January 2014, on group revenue of £6.52bn, up from £6.28bn in the same period 2013.

Pre-tax profit was £316m, it said, up from a restated £193m for the same period last year.

“We delivered a good performance in our US and UK businesses, achieving decent revenue growth and an improvement in underlying gross margins,” said chief executive Ian Meakins.

The group also raised its interim dividend to 27.5p per share, 25 per cent higher than last year.

Wolseley employs around 360 staff in Ripon, North Yorkshire.