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UK-based Wolseley plc, parent company of Ferguson Enterprises, reported third quarter sales of £4.3 billion (US$5.4 billion), up 16.7 percent. On a like-for-like basis, sales were up 6.6 percent. Trading profit for the quarter was up 9.5 percent to £254 million (US$320.5 million). Three acquisitions completed in the quarter for total consideration of £21 million (US$26.5 million).
Fiscal year-to-date sales were £12.7 billion (US$16 billion), up 6 percent year-over-year. Trading profit increased 2.1 percent to £769 million (US$970.3 million).
Third quarter sales for Ferguson, Wolseley’s U.S. plumbing and heating business, were up 24.3 percent from last year to £3 billion (US$3.8 billion), and 8.5 percent on a like-for-like basis. Acquisitions contributed another 2.8 percent of revenue growth.
Like-for-like revenue in Canada and Central Europe were 5.1 percent ahead of last year. The merger of Tobler with Walter Meier in Switzerland was completed on 6 April 2017 and Wolseley now owns 39.2 percent of the combined business. Sales in the UK were 0.4 percent lower than the prior year on a like-for-like basis. Sales in the Nordics region were up 4.3 percent on a like-for-like basis.