Wolseley’s UK business, which includes the Build Center chain, registered a 30% growth in trading profits to £30m for the quarter ended October 31.
The improved profits resulted from the business exiting Ireland and reducing its cost base.
The division’s sales declined by 4% to £633m, but were up on a like-for-like basis by 5%, due to disposal of businesses. Sales were second to the US division, which saw sales of £1.38bn.
“Most markets continued to grow in the first quarter and the group’s trading performance was slightly ahead of management expectations,” said chief executive Ian Meakins.
“Whilst demand has improved in most countries, pricing competition has remained intense.”
The group’s overall quarterly sales were £3.47bn, with trading profits of £159m.
