Over the last two years, Wolseley has done well to deleverage and reposition the Group. It is now more focused and with improving customer service it is looking to increase market share and and improve returns. Although Wolseley is operating in tough markets we expect it to make further progress.
SIMON BROWN | NORTHLAND CAPITAL PARTNERS
Group structures are now more in-line with European markets and the hard work is shown in these results. Nonetheless, it is a tough trading environment and despite the improved focus of the group in many markets there are reasons why caution has to be taken when looking at the current fiscal year.
ANDY BROWN | PANMURE GORDON
We have concerns about the likely strength of the US residential and commercial recovery. Recent disposals show that management are doing a good job tidying up the portfolio. For now our stock preference remains elsewhere in the sector.