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News and Information Article
CINCINNATI, Sept. 25 /-FirstCall/ -- Wolseley, the worlds
largest specialist trade distributor of plumbing and heating products to
professional contractors and a leading supplier of building materials and
services, today announces its Preliminary results for the year ending
7/31/06. The Company has reported its tenth consecutive year of record
results, fuelled by strong US growth.
Group revenue increased by over 25% (1) to $25.32 billion and trading
profit (2) rose by 24.7% to $1.58 billion. US operations accounted for
59.1% of the revenue, and 60.8% of the trading profit.
Wolseleys North American division performed strongly, with significant
rises in revenue and profits, maintaining its position as the leading
distributor of construction products to the professional contractor market
in North America.
Reported revenue of the division was up over 36% to $16.1 billion,
reflecting organic growth of 16.4%. Trading profit was up 41.5% to $1.08
billion.
Wolseleys US plumbing and heating business, Ferguson, performed
exceptionally well, achieving revenue of $9.65 billion, up 35.1% in dollars
from the previous year. Trading profit, including acquisitions, was up
40.4% in dollar terms, to $676 million. Ferguson achieved strong organic
revenue growth of 24.3%.
Ferguson, headquartered in Newport News, Virginia, is the largest
distributor of plumbing and heating materials to the professional market in
the US, and employs over 22,000 associates across all 50 states.
Stock Building Supply, Wolseleys US building materials business, also
delivered a strong performance, achieving revenue growth in dollars of
27.4% to $5.3 billion with trading profit up 40.6% in dollars to $343
million. Stocks trading margin increased significantly from 5.9% to 6.5%.
Stock is headquartered in Raleigh, North Carolina and is the United
States largest distributor of building materials to the professional
market. The company employs more than 18,000 associates across 33 states.
Commenting on the Groups performance, CEO Chip Hornsby said:
"Achieving a decade of continuous growth is a fantastic achievement by the
Wolseley Group and reflects the benefits of our customer, product and
geographic diversification. The fragmented nature of the construction
materials market in Europe and North America gives us confidence that we
can look forward to many more years of substantial growth. Although the
slowing US housing market may bring us challenges next year, we will
continue to pursue our double-digit growth targets through a combination of
organic and acquisitive growth, utilizing our competitive advantages of our
scale, people, supply chain and reaping the rewards of our commitment to
delivering customer solutions."
An interview with Chip Hornsby, Group Chief Executive and Steve
Webster, Chief Financial Officer, in video/audio and text will be available
from 3am EST on http://www.wolseley.com and http://www.cantos.com.
For a full set of Wolseleys preliminary results and presentation
slides, go to http://www.wolseley.com.
There will be a conference call at 1000 AM EDT
US dial-in number: +1 334 323 6203
Pictures of Wolseleys CEO and CFO are available on
http://www.newscast.co.uk.
(1) Wolseley financial results are reported in pounds sterling, all
growth figures unless stated otherwise are as reported in pounds
sterling. Figures shown in US dollars in the above release are
converted from the financial results prepared in pounds sterling at
an exchange rate of US$1.7885 to 1 pound.
(2) Trading profit is defined as operating profit before the amortization
of acquired intangibles. Trading margin is the ratio of trading
profit to revenue expressed as a percentage. Organic change is the
total increase or decrease in the year adjusted for the impact of
exchange rates, new acquisitions in 2006 and the incremental impact
of acquisitions in 2005.
Notes to Editors
Wolseley plc is the worlds largest specialist trade distributor of
plumbing and heating products to professional contractors and a leading
supplier of building materials in North America, the UK and Continental
Europe. Group revenues for the year ended 31 July 2006 were approximately
$25.32 billion and operating profit, before amortization of acquired
intangibles, was $1.58 billion. Wolseley has more than 71,000 employees
operating in 19 countries namely: UK, USA, France, Canada, Ireland, Italy,
The Netherlands, Switzerland, Austria, Czech Republic, Hungary, Belgium,
Luxembourg, Denmark, San Marino, Puerto Rico, Panama, Trinidad & Tobago and
Mexico. Wolseley is listed on the London and New York Stock Exchanges (LSE:
WOS, NYSE: WOS) and is in the FTSE 100 index of listed companies.
Certain statements included in this announcement may be forward-looking
and may involve risks, assumptions and uncertainties that could cause
actual results to differ materially from those expressed or implied by the
forward looking statements. Forward-looking statements include, without
limitation, projections relating to results of operations and financial
conditions and the Companys plans and objectives for future operations
including, without limitation, discussions of the Companys business and
financial plans, expected future revenues and expenditures, investments and
disposals, risks associated with changes in economic conditions, the
strength of the plumbing and heating and building materials market in North
America and Europe, fluctuations in product prices and changes in exchange
and interest rates. All forward-looking statements in this respect are
based upon information known to the Company on the date of this
announcement. The Company undertakes no obligation to publicly update or
revise any forward-looking statement, whether as a result of new
information, future events or otherwise. It is not reasonably possible to
itemize all of the many factors and events that could cause the Companys
forward-looking statements to be incorrect or that could otherwise have a
material adverse effect on the future operations or results of the Company.
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