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| Wolseley announces interim results Wolseley, the UK's largest distributor of plumbing and heating products and a major supplier of building materials, announced interim results for the third quarter and for the nine months ended 30 April 2008. The US housing and repairs, maintenance and improvement markets have continued to soften but US commercial and industrial markets have held up well. In Europe, there has been a more pronounced slow-down in the UK over recent weeks and many other European markets continue to soften. Wolseley continues to focus on cost reduction and cash flow enhancement. Since 30 April 2008, restructuring decisions have been taken which will result in one-off costs of around £50 million to be incurred in the fourth quarter. These restructuring actions and other business improvement initiatives should result in annualised savings of around £70 million. For the nine months ended 30 April 2008, Wolseley revenue was up 2%, trading profit was 23% lower, and profit before tax and amortisation and impairment of acquired intangibles was down 30%. write your comments about the article :: © 2008 Construction News :: home page |