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UK-based Wolseley plc reported full-year sales of £12.8 billion (US$20.8 billion), a 2.2 percent increase over the same period a year ago. Profit increased 51.7 percent to £698 million (US$1.1 billion).
“Like-for-like revenue was flat in the UK as we focused on protecting gross margins,” said Ian Meakins, CEO of Wolseley. “We faced headwinds in Continental Europe and have continued to take actions to protect profitability.”
Ferguson sales grew 10 percent to $11.6 billion. Sales grew 8 percent on a like-for-like basis. Trading profits increase 16 percent over last year. The RMI market continued to grow steadily while growth in the new residential market remained modest. The commercial segment was more positive. Waterworks grew strongly, and the HVAC, fire and fabrication and industrial PVF businesses generated good growth. Build.com and e-commerce channels accounted for 16 percent of total revenue. Four bolt-on acquisitions were made during the year with total sales of £184 million (US$298.5 million), and seven new branches were opened.
Canadian sales decreased 0.8 percent to £779 million (US$1.3 billion). Market conditions varied across the region, with continued growth in the West offsetting weakness in Quebec.
Sales in the UK were £1.8 billion (US$2.9 billion), an increase of 4.7 percent compared to the same period a year ago. Trading profit was flat at £96 million (US$155.8 million).
Sales in the Nordic region were £1.9 billion (US$3.1 billion), an increase of 1.3 percent compared to the same period a year ago. Trading profit decreased 10 percent to £80 million (US$129 million).
Sales in Central Europe and France were £1.2 billion (US$1.9 billion), a decrease of 2 percent compared to the same period a year ago. Trading profit decreased 26 percent to £34 million (US$55.2 million).