Wolseley profits up 40%

Construction supplies giant Wolseley said profits were up by 40% in the first three months of the year on the same period in 2009.

It interim management statement said that profit was £159m for the quarter, on revenue 2% up to £3.47bn. Adjusting for the sales of parts of the business since last year, the turnover equates to a 4% like-on-like improvement.

Growth was strongest in the USA and Canada, while revenue fell in central Europe.

Ian Meakins, chief executive said: “Most markets continued to grow in the first quarter and the Group’s trading performance was slightly ahead of management expectations. Whilst demand has improved in most countries, pricing competition has remained intense. We continue to focus on improving customer service, growing market share, driving efficiencies and generating strong cash flow.”