Strong US Performance Fuels Record Wolseley Growth in First Half
21 Marzo 2006 - 2:00AM
PR Newswire (US)
CINCINNATI, March 21 /PRNewswire-FirstCall/ -- Wolseley plc
(NYSE:WOS) (LSE:WOS.L) today announces a 10th set of record first
half results, driven by a strong US performance. Group revenues
were up by over 26% to $11.85 billion with trading profit up nearly
22% to $677.5 million, with the US accounting for 59.3% of the
revenues and 61.7% of the trading profit. Wolseley's North American
division performed strongly with significant increases in both
revenue and profits, maintaining its position as the leading
distributor of construction products to the professional contractor
in North America. Reported revenues in North America were up over
40% and trading profit up 39%. Ferguson, Wolseley's US plumbing and
heating subsidiary delivered an increase in revenue of 37.8% to
$4.53 billion (2005 $3.29 billion) with trading profit up by 29.5%
to $293.8 million. Ferguson, headquartered in Newport News,
Virginia, is the largest distributor of plumbing and heating
materials to the professional market in the US, and employs over
20,000 associates across all 50 states. Stock, Wolseley's building
supply company in the United States, also delivered exceptional
growth, with revenues up 27.2% at $2.50 billion (2005 $1.96
billion) with trading profit up 51.5% to $157.3 million. Stock is
headquartered in Raleigh, North Carolina and is the United States'
largest distributor of building materials to the professional
market. The company employs more than 15,500 associates across 33
states. Commenting on the Group's performance, CEO, Charlie Banks
said: "We are delighted with these record half-year results.
Looking ahead, we remain confident in our ability to compete
successfully in our markets. In North America we expect conditions
to remain favorable, and expect to make good progress in the second
half. The business is performing well, we are finding good
acquisitions and the economic outlook for the rest of the year
gives us confidence going forward." An interview with Charlie Banks
Group Chief Executive and Steve Webster, Group Finance Director, in
video/audio and text will be available from 3am EST on
http://www.wolseley.com/ and http://www.cantos.com/ For a full set
of Wolseley's interim results and presentation slides, go to:
http://www.wolseley.com/ Exchange rate US$1.7604 to 1 pound
Sterling DATASOURCE: Wolseley plc CONTACT: Investors-Analysts, John
English, Director of Investor Relations, North America,
+1-513-771-9000, or cell, +1-513-328-4900, or Press, Penny
Studholme, Director of Corporate Communications, +44 (0)118 929
8886, or +44 (0)7860 553 834, both of Wolseley plc Web site:
http://www.wolseley.com/ http://www.cantos.com/
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