LONDON (dpa-AFX) - Plumbing and heating products maker Wolseley plc (WOSCF.PK, WOS.L, WOSYY.PK) reported Tuesday higher revenues and trading profit in the third quarter. Looking ahead, the company expects trading profit for the full year to be in line with current analyst consensus expectations.
Revenue for the quarter climbed 16.7 percent to 4.27 billion pounds from 3.66 billion pounds a year ago. Revenues increased 4.6 percent at constant exchange rates, while like-for-like revenues grew 6.6 percent.
Ferguson, the US plumbing and heating business, grew revenue by 8.5% on a like-for-like basis. Meanwhile, like-for-like revenue in the UK was 0.4% lower than last year including inflation of 3%.
Gross margin of 28.5% was 0.1% ahead of last year.
Trading profit was up 9.5 percent to 254 million pounds from 232 million pounds last year.
John Martin, Chief Executive, said, 'Revenue growth in the quarter was good with US residential and commercial markets growing well and industrial markets improving. The Nordics returned to growth and the UK was broadly flat. Since the end of the period revenue growth has been broadly in line with the third quarter, gross margins and cost control have been good.'
The company further said that change of Group name to Ferguson plc was approved by shareholders. The name change will take effect on July 31.
Copyright RTT News/dpa-AFX