WARWICKSHIRE building products group Wolseley has seen spike in its trading profit and a small climb in revenues.
In an interim management statement for the quarter up to April 30, 2011, trading profits have risen year-on-year from £101m to £131m while revenues have climbed from £3.25bn to £3.27bn.
Gross profit sits at £915m, a climb of £11m, and adjusted net debt has fallen to £824m from £1.33bn.
The statement added that gross margin was 28%, 0.2% ahead of last year, while operating costs were £19m lower than last year.
Chief executive Ian Meakins said: “The group continued to make progress in the third quarter broadly maintaining the revenue growth trends achieved in the first half despite tougher comparatives.
“New residential construction, which accounts for 20% of group revenue, remained subdued in most regions, while demand in repair, maintenance and improvement segments held up well in most markets.
“Like-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.
“We continue to maintain our emphasis on protecting market share and gross margins whilst keeping a tight control of the cost base.
“Management remains confident of meeting our expectations for the full year.”
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