KEITH BOWMAN HARGREAVES LANSDOWNE
Sales for the group’s biggest division have slowed, while comparatives are becoming more challenging. Furthermore, recent US housing data provides room for caution...On the upside, its finances have been well and truly stabilised, whilst the group continues to be re-positioned.
HOWARD SEYMOUR NUMIS
Good interim results prompt increased forecasts and target price, but we retain a “hold” recommendation. We believe that Wolseley is in the sweet spot in terms of US recovery and market sentiment, while self-help has been and will continue to benefit earnings. However, Europe remains a dulling point.
KEVIN LAPWOOD SEYMOUR PIERCE
The half year results from Wolseley were a touch below our expectations but nevertheless showed a continuation of recent encouraging trends in the US and come a day after the French competition authorities approved the sale of Brossette to St Gobain. We retain our “hold” stance.