Wolseley buoyed by strong US growth

Wolseley buoyed by strong US growth

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Plumb Center parent Wolseley has been boosted by strong sales in its North American businesses

Building and heating supplies firm Wolseley has reported a better-than-expected start to its financial year driven by strong sales in its North American businesses.

The FTSE 100 Index-listed company, which generates 81% of its business overseas, said US revenue was up 6% like-for-like in the three months to October 31, while revenues in Canada were up 7%.

In the UK, where the business trades as Plumb Center and Build Center, total revenues were down 4%, but like-for-like sales were ahead 5% after the disposal of businesses including Brandon Hire in September.

The strong North American performance offset weaker sales across Europe, to see total group revenues increase by 4%, and trading profit rise 39% to £159 million in the quarter.

Ian Meakins, Wolseley chief executive, said: “Most markets continued to grow in the first quarter and the group’s trading performance was slightly ahead of management expectations.”

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