Wolseley profit drops 28%
Building materials firm Wolseley said on Wednesday that its trading profit fell 28 per cent in the 11 months to 30 June. Revenue at the company was up only one per cent in the period.
Schroders 35% profit rise in 2007Wolseley said that since January it had reduced its net debt by £183 million to £2,711 million. The company said it would save an extra £150 million by not paying a final dividend in 2008. The disposal of three of the group's businesses also gave the firm an extra £18 million.
The group's North American operations suffered most from the housing downturn with trading profit down 46 per cent and revenue down eight per cent. In Europe the company did better with revenue up seven per cent in constant currency, but trading profit was still down six per cent in constant currency.
Chip Hornsby, Group Chief Executive of Wolseley, said, "The deterioration in some of our key markets continues and it is likely that conditions will get tougher still. In these unprecedented circumstances, driving cost reduction, enhancing cash flow and closely managing the balance sheet, remain key priorities."
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