Adjust for such one-off items as impairment charges, and trading profit at heating and plumbing supplier Wolseley (WOS) rose 10.4 per cent year on year to £658m. Moreover, strong cash generation - helped by £317m from disposals - has allowed Wolseley to repay borrowings in full and to propose a £350m return of capital. But, with European markets still struggling as eurozone uncertainty bites, the shares ook up with events after an impressive run this year.
Indeed, including businesses that have been earmarked for disposal, and the group's French and Nordic regions businesses saw trading profit slump 28 per cent and 17 per cent, respectively, to £38m and £94m. Meanwhile, UK sales fell 21 per cent and trading profit tumbled 15 per cent to £93m. But it's a different story in the US, which comprises just under half of group sales. Revenue there rose 8.4 per cent on a like-for-like basis to £6.17bn, and trading profit grew 24 per cent to £389m.
Prior to these figures, UBS was forecasting pre-tax profit of £674m for 2013, giving EPS of 194p.
| WOLSELEY (WOS) | ||||
|---|---|---|---|---|
| ORD PRICE: | 2,750p | MARKET VALUE: | £7.79bn | |
| TOUCH: | 2,746-2,750p | 12-MONTH HIGH: | 2,846p | LOW: 1,465p |
| DIVIDEND YIELD: | 2.2% | PE RATIO: | 130 | |
| NET ASSET VALUE: | 1,106p* | NET CASH: | £45m | |
| Year to 30 Jul | Turnover (£bn) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
|---|---|---|---|---|
| 2008 | 14.8 | 399 | 134 | 112 |
| 2009 | 14.4 | -766 | -348 | nil |
| 2010 | 13.2 | -328 | -130 | nil |
| 2011 | 13.6 | 391 | 99.4 | 45.0 |
| 2012 | 13.4 | 198 | 21.2 | 60.0 |
| % change | -1 | -49 | -79 | +33 |
Ex-div: 10 Oct Payment: 30 Nov *Includes intangible assets of £1.16bn, or 409p a share | ||||
