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.”
Discover more from London Glossy Post
Subscribe to get the latest posts sent to your email.
