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| Wolseley reports 25 % fall in profit UK's building products retailer Wolseley said its revenue in the five months ended 31 December 2007, including acquisitions, increased by 2% compared to the corresponding period in the prior year. Trading profit was down by around 25%. For the first five months of the year, Wolseley's results continued to be affected by the worsening US housing market, low consumer confidence arising from global credit restrictions and the weakness of the US dollar. Wolseley also said its financial position remains strong, with net debt at 31 December 2007 around 15% higher than at 31 July 2007 following bolt-on acquisitions made during the period, giving gearing of 82% (31 July 2007: 72%). Interest cover was 4.5 times. write your comments about the article :: © 2008 Construction News :: home page |