UK sales dip at Wolseley
Strong growth in the US has been offset by slower European sales at heating and plumbing company Wolseley.
The Leamington Spa-based company said this morning that US revenue has increased 11 per cent over the last three months, while UK sales had fallen 7 per cent.
Revenue in central Europe dropped 6 per cent in the three months to 31 October.
Like-for-like total sales were up 5 per cent from £3.47bn to £3.64bn.
Having completed two acquisitions in the first quarter period, Wolseley said trading profit was 16 per cent ahead of its comparable 2010 results at £185m.
Over the first quarter, the company disposed of its insulation business Encon for a total of £42m.
Its Build Center division was also sold in October. On 17 November Wolseley disposed of its remaining minority stake in Stock Building Supply for cash £15m.
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."
