Wolseley quiet on asset sales
THE world’s biggest building supplies company Wolseley yesterday kept investors guessing about the future of underperforming parts of the business as it reported strong profit growth driven by its US activities.
Chief financial officer John Martin said UK builder’s merchant Build Centre was still under review along with other parts of the business and played down recent talk that it was already up for sale.
The FTSE 100 company indicated in March it was looking at alternatives for its French plumbing and heating unit Brossette including a possible disposal. Martin said they would update the market on the sale process in October.
The firm said underlying operating profit soared to £131m in the third-quarter ended 30 April, from £101m in the same period last year, broadly in line with expectations.
Like-for-like revenue rose six per cent. Revenue growth was strongest in its largest market, the US, as well as France and the Nordics, Wolseley said, but was partly offset by weaker momentum in the UK and Canada.