Supplier reports strongest revenue growth in US and warns of 鈥檞eaker trends鈥� in UK
UK revenue for construction parts giant Wolseley grew organically by 1% over the past year in a small sign of improving prospects for the industry.
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Today鈥檚 interim management statement for the firm, often seen as a bellwether for the entire sector, said that like for like revenue in the UK was up for the three months to 30 April, compared to the same quarter last year.
Yet overall revenue in the UK declined by 4% mainly because of the sale of Brandon Hire in September 2010, and the firm warned of 鈥渨eaker trends鈥� in the UK and Canada.
Trading profit also dropped from 拢31m to 拢28m.
Overall, Wolseley grew its worldwide revenue 1% to 拢3.27bn and its trading profit was up 30% to 拢131m.
Chief executive Ian Meakins said: 鈥淟ike-for-like revenue growth continues to be strongest in the USA, with positive momentum in the Nordics and France offset by weaker trends in the UK and Canada.鈥�
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