Third quarter highlights (ongoing businesses)
Revenue increased by 6.0% and like-for-like growth was 2.4%.
Gross margin of 27.9% in line with last year.
Trading profit of £150 million, 7.9% ahead of last year.
Net debt of £694 million (before interim dividend payment), £177 million lower than at 31 January 2013.
Commenting on the results, Ian Meakins, Chief Executive said:
"Wolseley continued to make decent progress in the third quarter, with good growth in the USA and the UK offsetting challenging conditions elsewhere in Europe. We held our gross margin overall and controlled costs to generate 7.9% trading profit growth in the ongoing business. We will continue to pursue operating efficiencies and remain focused on customer service, gaining market share and protecting our gross margins. We will manage the cost base of each of our businesses commensurate with market conditions while executing our growth initiatives in the more robust markets."
