Wolseley reports interim results for the eleven months
British building materials group Wolseley plc said its revenue for the eleven months ended 30 June, including acquisitions, was up 1% compared to the corresponding period in the prior year. Trading profit was 28% lower, and profit before tax and amortisation and impairment of acquired intangibles was down 35%.
As at 30 June 2008, net debt was £2,711 million, £183 million lower than 31 January 2008, after an adverse exchange effect of £92 million. Gearing reduced from 84% at 31 January 2008 to 77% at 30 June 2008.
Following the 11.25 pence interim dividend paid in May and in the light of the current market conditions, Wolseley has decided to recommend to shareholders that no final dividend be paid. This will result in a cash saving in November 2008 of approximately £150 million.
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