FAVOURABLE exchange rates and improving margins delivered bumper profits for plumbing distributor Wolseley, results revealed yesterday.
The UK-based building materials firm saw revenues boosted by £107m during the third quarter ending 30 April, due to currency movements, with the firm’s US market being the main beneficiary. US revenues increased by 8.3 per cent on a like-for-like basis with particularly strong growth in its industrials division.
Overall, revenue climbed 7.5 per cent on a like-for-like basis in the third quarter to £3.3bn with trading profit for the ongoing businesses at £195m, up 20 per cent on last year. The company said it expects like-for-like revenue growth rate for the next six months to be about six per cent.