First quarter highlights
- Like-for-like revenue growth of 5%.
- Gross margin of 27.1% was 0.1% ahead of last year.
- Trading profit was 16% ahead at 185 million.
- Adjusted net debt of 587 million, 118 million lower than 31 July 2011.
- Sold Encon in the quarter, and completed the disposals of Build Center and our minority stake in Stock Building Supply in November.
- Completed two acquisitions in the quarter and one in November, in the USA, with aggregate annual revenue of 88 million for consideration of 29 million.
Commenting on the trading outlook, Ian Meakins, Chief Executive said:
"Wolseley has continued to grow well, with strong growth in the USA offset by lower growth in some of our European businesses. Given continuing macroeconomic uncertainty, trading conditions may get tougher in the coming months. We will remain vigilant on costs and continue to drive performance improvements, strong cash conversion and better customer service. Our balance sheet is strong and the Group is well positioned to continue to invest selectively where we can generate good returns."
