Plumbing and heating specialist Wolseley (WOS) delivered record trading profit (before exceptionals and impairments) of £917m in the year to July, from £805m in the previous 12 months. In this, it was boosted by strong trading in the US, partly offset by weakness in its UK and Nordic operations.
Ferguson, the core US business that generates over 80 per cent of group profit, performed well despite falling commodity prices. Revenue grew by 6.2 per cent at constant exchange rates, and by 4.1 per cent on a like-for-like basis. The residential and commercial divisions were largely responsible for this growth, although conditions in its smaller industrial division remained tough, with revenue down by 10 per cent. A total of 13 acquisitions were completed during the year, adding £183m of revenue on an annualised basis, and two more purchases secured since the year-end will add another £92m of revenue.