Plumbing and heating wholesaler notches up 4.7% revenue growth
International building services group Wolseley saw its trading profit increase by 10% in the nine months to the end of April, the company said.
In an interim management statement this week, the Plumb Centre owner said its international trading profit of 拢139m had been achieved against a backdrop of a 4.7% growth in revenue.
Its net debt dropped from 拢314m at the end of April 2011 to 拢277m at the end of April this year.
Chief executive Ian Meakins said the operation had 鈥渃ontinued to make decent progress鈥�.
鈥淲e held our gross margin overall and controlled costs to generate 10% trading profit growth in the ongoing business,鈥� he said.
鈥淲e will continue to pursue operating efficiencies and remain focused on customer service, gaining market share and protecting our gross margins.
鈥淕iven the uncertain economic outlook in Europe we will remain vigilant on the cost base while continuing to drive growth initiatives in the more robust markets.鈥�
Its UK figures showed an improvement on March鈥檚 six monthly figures, with trading profit increasing from 拢23m to 拢26m, offsetting losses in France, the Nordic region, and central Europe.
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