Wolseley is set to exceed analysts’ profit forecasts of £374m for the year to July 31, 2010, the company said in an interim statement.
Wolseley chief executive Ian Meakins said the company’s UK business, which includes Build Center, returned to like-for-like growth (4%) during its third quarter.
Group-wide the company posted a trading profit of £101m, a rise of 112% on a year ago from sales of £2.5bn, while the UK business’ trading profit more than doubled to £31m, up from £13m.
However, Wolseley said it was the plumbing and heating divisions which recorded the growth, with building materials “improving” but not yet in positive territory.
The group expects new residential and RMI markets to continue to improve and commercial markets to decline. But the current economic environment provides “limited long-term visibility”.
