Wolseley’s results were very reassuring.... With more than 70 per cent of profits generated in the US, the company provides a good way of playing the ongoing recovery in housing and construction markets, while self-help in Europe provides a cushion while investors wait for the economy to recover.
CHARLIE CAMPBELL LIBERUM CAPITAL
Wolseley’s results were better than we expected, driven by European results coming in less bad than feared..... The outlook says that fourth quarter trends have continued in the first quarter, which suggests that continental Europe is starting to stabilise, UK improving, but that the US is not yet accelerating.
MIKE ALLEN PANMURE GORDON
Wolseley has delivered a strong set of final results, which are four per cent ahead of our forecasts at the adjusted profit before tax level. Trading profit was at the top end of the consensus range...and the company delivering a better than expected outcome in Europe despite challenging market conditions.