Half-year figures for Wolseley (WOS) are due for release on Tuesday, and while weakness in US industrial markets (15 per cent of US revenue) remains a concern, the heating and plumbing supplier managed to generate overall growth in the first quarter thanks to a better performance in US commercial and residential markets.
In fact, first-quarter group trading profit was up 6 per cent from the previous year at £250m. And with sterling losing ground against the dollar, revenue increased by £45m and trading profit by £6m. Trading conditions elsewhere continue to be more of a challenge, however. Canada is suffering as a result of low investment in oil and gas, but remedial action is being put in place to reduce the cost base. Repair and maintenance work in the UK remains weak; although a string of bolt-on acquisitions have helped to push revenue higher.
