Interim Results
Wolseley PLC
19 March 2002
EMBARGOED UNTIL 7AM
19 March 2002
NEWS RELEASE
Interim results for the half year ended 31 January 2002
Wolseley continues strong growth despite
mixed business conditions
Financial highlights
• Group sales up nearly 13% to £3.9 billion (2001: £3.5 billion), with
continuing activities up 15%
• Group operating profit, before goodwill amortisation, up over 13% to
£210.9 million (2001: £186.4 million), with continuing activities up 16%
• Group pre-tax profit, before goodwill amortisation and exceptionals,
up over 17% to £195.9 million (2001: £167.2 million)
• Earnings per share, before goodwill amortisation and exceptionals, up
22% to 24.46p (2001: 20.07p)
• Cash flow from operating activities up 46% to £259.7 million,
resulting in gearing of 39%. Interest cover is 13x
• Interim dividend up by 10% to 5.0 pence
Operating highlights
• The group's principal businesses have continued to outperform their
respective markets
• Branch network extended by 60 locations
• Achieved double-digit growth in line with strategic objectives
• Westburne acquisition integration on track and earnings contribution
in line with expectations
Outlook
• Strongest market expected to be in the UK
• US markets showing signs of improvement - regional variations likely
to continue
• Continental Europe remains weak
• Wolseley should continue to outperform in the second half
Charles Banks, Wolseley plc Group Chief Executive said: 'I am pleased to
announce record first half results despite the mixed economic environment in the
USA and continental Europe. The group's principal operations have continued to
outperform their respective markets and we are confident that this trend will
continue in the second half.'
SUMMARY OF RESULTS
31 January
2002 2001 Change
Sales £3,910.5m £3,465.7m +12.8%
Operating profit
- before goodwill amortisation £210.9m £186.4m +13.1%
- goodwill amortisation £(12.7)m £(8.2)m
Total £198.2m £178.2m +11.2%
Exceptional provision for loss on
disposal of operations - £(75.0)m
Profit before interest £198.2m £103.2m
Interest £(15.0)m £(19.2)m
Profit before tax
- before goodwill amortisation and
exceptional provision £195.9m £167.2m +17.2%
- goodwill amortisation and exceptional
provision £(12.7)m £(83.2)m
Total £183.2m £84.0m
Earnings per share
- before goodwill amortisation and
exceptionals 24.46p 20.07p +21.9%
- goodwill amortisation and exceptionals (2.20)p (14.48)p
Total 22.26p 5.59p
Dividend per share 5.00p 4.55p +9.9%
Net borrowings £632.9m £567.6m
Gearing 39.3 % 40.7%
FOR FURTHER INFORMATION PLEASE CONTACT:
Wolseley plc Brunswick Group Ltd
tel: 0118 929 8700 tel: 020 7404 5959
Charles Banks - Group Chief Executive Andrew Fenwick
Steve Webster - Group Finance Director Sophie Fitton
Jacqueline Sinclair-Brown - Director of Corporate Communications
An interview with Charles Banks, Group Chief Executive in video/audio and text
will be available from 0700 (GMT) on www.cantos.com
A live audiocast and slide presentation will be available at 0900 (GMT) on
www.wolseley.com
There will be a UK analyst meeting at 0900 (GMT) at UBS Warburg Presentation
Centre, 1 Finsbury Avenue, London EC2.
There will be a conference call at 1400 (GMT):
UK/European dial-in number: +44 (0)20 8781 0571
US dial-in number: +1 303 267 1002
Password: Wolseley
The call will be recorded and available for playback on the following numbers:
UK/European replay dial-in number: +44 (0)20 8288 4459
UK/European access code: 672582
US replay dial-in number: +1 303 804 1855
US access code: 1632372
The Instant Replay will be available until 21 March 2002.
NEWS RELEASE
19 March 2002
Announcement of Interim Results
The unaudited results for the half year ended 31 January 2002
Wolseley is pleased to announce record first half results, which, despite a
mixed economic environment in the USA and continental Europe, are in line with
the group's financial targets of generating double-digit growth in sales and
earnings per share. The results also demonstrate continuing progress in
achieving the strategic objective of expanding market share through a
combination of acquisitions and organic growth.
Group sales increased by 12.8% from £3,466 million to £3,911 million. Operating
profit before goodwill amortisation rose by 13.1% from £186.4 million to £210.9
million. Excluding discontinued operations, the increase in sales and operating
profit was 14.6% and 15.6% respectively.
After deducting goodwill amortisation of £12.7 million (2001: £8.2 million), the
operating profit increased by 11.2% from £178.2 million to £198.2 million, after
crediting property profits of £5.6 million (2001: £0.5 million).
Net interest reduced to £15.0 million (2001: £19.2 million), reflecting lower
interest rates and a continued focus on enhancing the working capital
performance of the group. Interest cover is over 13 times.
Profit before tax, goodwill amortisation and the exceptional provision in the
prior year increased by 17.2% from £167.2 million to £195.9 million. The
increase in earnings per share on the same basis was 21.9%.
Currency translation increased sales by £42.6 million (1.2%) and operating
profit by £2.2 million (1.2%).
European Distribution
The European distribution division experienced a half year of mixed fortunes
with the UK market remaining strong, whereas France was significantly down and
other continental European markets were weak.
Sales for the division increased by 7.3% from £1,158.1 million to £1,242.7
million. The organic increase in sales was 3.1%. Operating profit increased by
10.5% from £71.4 million to £78.9 million. The divisional trading margin
increased from 6.2% of sales to 6.3% of sales.
The UK, once again, produced the outstanding performance of the group with an
increase in sales and operating profits of 13.0% and 15.7%, respectively. The
organic sales increase was 7.2%. The net margin increased from 6.8% to 7.0% of
sales. Net margin increases were achieved in both the lightside and heavyside
divisions through a combination of strong sales growth, higher gross margins and
tighter cost control. The UK repairs, maintenance and improvement market
remained firm throughout on the back of lower interest rates and strong consumer
demand, underpinned by increased government spending.
Whilst the overall economy in France showed modest but slowing growth, the
heating market, which accounts for approximately 40% of Brossette's business,
experienced a significant year on year decline. Brossette outperformed the
heating market but ended the half-year with sales down 6.2% and operating profit
down 20%.
Elsewhere in Europe, further progress was made by OAG in a weak Austrian market
with both sales and operating profits marginally higher. Sales and operating
profits at Manzardo in Italy were both up on the corresponding period last year,
whereas at CFM in Luxembourg operating profits were higher on marginally lower
sales.
There was a net increase of 76 branches (4.7%) in European distribution from
1615 to 1691 locations, including 53 additional locations in the UK.
North American Plumbing and Heating Distribution
Business conditions for the group's North American Plumbing and Heating
Distribution companies varied considerably, both geographically and by market
segment.
Sales for the division increased by £331 million (23.2%). Whilst there was a
small decline in sales, excluding the effect of acquisitions, this performance
was considerably better than the overall market, which showed a much greater
year on year decline. The benefit of a first time inclusion of Westburne,
together with a rigorous approach to the control of costs and reduction in
headcount, enabled the division to increase its net margin from 4.8% to 5.1% of
sales and produce an organic increase in operating profits of 4.6%. Overall,
operating profit for the division increased by 32.9% from £67.6 million to £89.9
million, including a £17.9 million contribution from acquisitions, principally
Westburne.
The Westburne contribution was in line with expectations and the process of
integrating Westburne's US operations and Familian Northwest into Ferguson is
well on the way. One-off integration costs of £0.9 million were incurred in the
first half. Additional one off costs of £5 million are expected in the second
half. As the integration proceeds, additional synergies and cost savings will
arise from the increased focus and the unique competitive position of having one
national plumbing and heating distribution company in the USA.
In the USA, the weakest activity was in the industrial and commercial sector,
particularly in projects relating to leisure and tourism following the events of
11 September. The weakest regional areas of the country were Northern
California and the lower mid-west. Waterworks was the strongest market segment,
with the best regional areas in the Mid-Atlantic States, Florida and Southern
California. US operating profits, excluding Westburne were up by 7.5% and the
US net margin improved from 4.8% to 5.1% of sales. The US businesses achieved a
significant reduction in inventory as further benefits were derived from the
operational efficiency of the distribution centres.
The business environment in Canada was more consistent and saw modest upward
momentum. The quality of the business was demonstrated by the achievement of a
7% net margin in the first half, which is usually the stronger period due to
seasonal trading patterns in Canada.
There was a net reduction of 17 branches in North American Plumbing and Heating
distribution from 911 to 894 locations. The net reduction principally relates
to the elimination of certain Westburne locations, which duplicated Ferguson's
locations and the disposal of certain unprofitable locations.
US Building Materials Distribution
The US new residential housing market, which accounts for around 90% of the
activity in this division, remained resilient overall, but exhibited mixed
regional variations. Whilst lumber prices, which directly affect approximately
40% of the product range, showed modest year on year gains, they remained at
historically low levels for the first half.
Sales for the division increased by 9.9% from £831.5 million to £913.8 million,
including organic growth of 2%, the majority of which was due to higher lumber
prices. There was a small increase in sales volumes. Operating profits reduced
slightly from £43.5 million to £42.1 million, primarily due to a lower gross
profit percentage. Headcount as at 31 January 2002 is lower than at the
equivalent stage in the previous year despite acquisitions and the benefits of
this and other cost reductions should help to recover some of this margin
erosion in the second half.
Two new greenfield truss plant manufacturing operations were opened during the
first half which, as expected, produced losses as they commenced operations but
should move into profitability in the second half.
The division generated significant additional cash flow from operations in the
first half, due to the achievement of targeted reductions in inventory and
tighter controls over receivables.
The strategy of the US Building Materials business remains to increase market
penetration through greater geographic diversity and expansion of the 'value
added' element of the product range, achieved through a combination of organic
growth and acquisitions. Its unique ability to provide a 'one stop' service for
national customers is expected to be an increasingly important feature of
enhancing its competitive position in the market over the next few years.
Interim dividend
The Board has decided to pay an interim dividend of 5.0 pence per share, which
represents an increase of 9.9% on last year's 4.55 pence interim dividend. The
dividend reinvestment plan will continue to be available to shareholders.
Finance
The effective tax rate is 28%, compared to a rate of 31% (as restated for the
change in accounting policy for deferred taxation) for the half year to 31
January 2001. It is expected that 28% will be the effective tax rate for the
year as a whole and for at least the next two financial years, provided the
geographical contributions to profits remain broadly similar and there are no
significant changes to tax legislation.
Net cash flow from operating activities increased by £81.8 million (46%) from
£177.9 million to £259.7 million, demonstrating the success of a continuing
focus on improving the working capital to sales ratio which was 15.8% in the
half year to 31 January 2002 compared to 16.4% in the comparable period.
Consideration for acquisitions, including debt, amounted to just over £14
million (2001: £77 million). The lower level of spend reflects a more selective
approach to acquisitions against the background of increased economic
uncertainties following 11 September and, accordingly, a reluctance of vendors
to reduce prices of businesses available for sale. A number of acquisition
opportunities are currently being pursued at more realistic prices, some of
which are expected to complete prior to the financial year-end. It remains the
group's intention to spend on average approximately £200 million per annum on
bolt-on acquisitions.
The group's branch network has been extended through acquisitions and branch
openings by a net total of 60, bringing the total to 2,806 at 31 January 2002.
Net borrowings, excluding construction loan borrowings, at 31 January 2002
amounted to £632.9 million compared to £693.7 million at 31 July 2001, giving
gearing of 39.3% compared to 46.4% at the previous year-end.
Outlook
The group's strongest market remains the UK, which is expected to continue its
positive momentum in a similar fashion to at least the end of the current
financial year. Markets in continental Europe are likely to be subdued, in
particular France.
The US markets are beginning to show signs of improvement but will continue to
exhibit a mixed regional and segmental pattern. Further benefits should arise
in the second half from the decrease in headcount and the other cost reduction
measures implemented in the first half. The business environment in Canada is
likely to produce further modest growth.
The group has met the challenging business conditions of the first half with a
robust financial performance and, again, increased market share. The Board is
confident that the quality and enthusiasm of the group's management, combined
with market leading positions achieved by its businesses, will enable Wolseley
to continue to outperform in the second half.
GROUP PROFIT AND LOSS ACCOUNT (UNAUDITED)
Restated
Year to Half year to Half year to
31 July 2001 31 January 31 January
2002 2001
£m £m £m
Turnover
7,141.6 Continuing operations 3,901.1 3,412.4
- Acquisitions 9.4 -
53.3 Discontinued operations - 53.3
7,194.9 3,910.5 3,465.7
414.2 Operating profit before goodwill amortisation 210.9 186.4
(note 3)
(17.8) Goodwill amortisation (12.7) (8.2)
Operating profit
392.7 Continuing operations 198.1 174.3
- Acquisitions 0.1 -
3.7 Discontinued activities - 3.9
396.4 198.2 178.2
(70.0) Loss on disposal of operations (note 4) - (75.0)
326.4 Profit on ordinary activities before interest 198.2 103.2
(35.2) Net interest payable (15.0) (19.2)
291.2 Profit on ordinary activities before tax 183.2 84.0
Taxation (note 6)
(102.8) Current tax charge (52.9) (50.2)
(3.3) Deferred tax charge (1.9) (1.7)
(106.1) (54.8) (51.9)
Profit for the period attributable to ordinary
185.1 shareholders 128.4 32.1
(97.4) Dividends (note 8) (28.9) (26.2)
87.7 Profit retained 99.5 5.9
Earnings per share (note 7)
47.43p Before exceptionals and goodwill amortisation 24.46p 20.07p
(3.09)p Goodwill amortisation (2.20)p (1.43)p
(12.17)p Exceptionals - (13.05)p
32.17p Basic earnings per share 22.26p 5.59p
32.12p Diluted earnings per share 22.17p 5.57p
16.90p Dividends per share (note 8) 5.00p 4.55p
Translation rates (note 5)
1.4464 US dollars 1.4450 1.4700
1.6299 Euro 1.6200 1.6400
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
Half year to Restated
Year to 31 January Half year to
31 July 2001 2002 31 January
2001
£m £m £m
185.1 Profit for the period 128.4 32.1
35.6 Currency translation difference on foreign investments 9.5 19.5
220.7 Total recognised gains and losses for the financial 137.9 51.6
year
14.3 Prior year adjustment (note 1) - 14.3
235.0 Total gains and losses recognised since last annual 137.9 65.9
report
SUMMARISED BALANCE SHEET (UNAUDITED)
Restated
Year to Half year to Half year to
31 July 2001 31 January 31 January
2002 2001
£m £m £m
474.3 Intangible fixed assets 467.8 322.8
592.5 Tangible fixed assets 596.8 562.6
1,093.8 Stocks 1,025.4 962.3
1,362.0 Debtors and property awaiting disposal 1,237.9 1,124.0
215.5 Construction loans receivable (secured) 196.1 212.6
(1,116.0) Creditors (917.7) (843.9)
(215.2) Construction loan borrowings (unsecured) (196.1) (212.6)
1,340.1 Net operating assets 1,345.6 1,242.4
(693.7) Net group borrowings (632.9) (567.6)
(59.8) Net liabilities for tax (52.6) (37.2)
(71.2) Dividend (28.9) (26.2)
(85.8) Provisions for liabilities and charges (85.9) (102.5)
1,496.4 TOTAL NET ASSETS 1,609.9 1,394.3
306.0 Capital and share premium account 309.2 301.7
1,190.4 Reserves 1,300.7 1,092.6
1,496.4 Shareholders' funds 1,609.9 1,394.3
Translation rates (note 5)
1.4252 US Dollars 1.4133 1.4611
1.6289 Euro 1.6416 1.5712
RECONCILIATION OF MOVEMENTS IN CAPITAL AND RESERVES
Restated
Half year to Half year to
Year to 31 January 31 January
31 July 2001 2002 2001
£m £m £m
87.7 Profit retained 99.5 5.9
35.6 Other recognised gains and losses 9.5 19.5
5.5 New share capital subscribed 3.2 1.3
44.4 Goodwill written back 1.3 44.4
173.2 Net addition to shareholders' funds 113.5 71.1
1,323.2 Opening shareholders' funds 1,496.4 1,323.2
1,496.4 Closing shareholders' funds 1,609.9 1,394.3
SUMMARISED GROUP CASH FLOW STATEMENT
Half year to Half year to
Year to 31 January 31 January
31 July 2001 2002 2001
£m £m £m
518.0 NET CASH FLOW FROM OPERATING ACTIVITIES* 259.7 177.9
Net cash outflow from returns on investments and
(36.9) servicing of finance (11.7) (20.3)
(90.9) Taxation paid (58.6) (56.5)
(108.8) Capital expenditure (50.0) (53.8)
(400.6) Acquisitions (20.9) (75.9)
(1.5) Purchase of minority interests - -
13.0 Disposals 8.2 -
(90.8) Equity dividends paid (71.2) (64.6)
5.5 Financing - Issue of shares 3.2 1.3
(193.0) Change in net debt resulting from cash flows 58.7 (91.9)
(4.8) New loans and finance leases (2.4) (4.8)
(41.6) Translation difference 4.5 (16.6)
(239.4) Movement in net debt in period 60.8 (113.3)
(454.3) Opening net debt (693.7) (454.3)
(693.7) Closing net debt (632.9) (567.6)
* RECONCILIATION OF OPERATING PROFIT TO OPERATING CASH FLOWS
Half year to Half year to
Year to 31 January 31 January
31 July 2001 2002 2001
£m £m £m
396.4 Operating profit 198.2 178.2
85.4 Depreciation charges 45.4 41.3
17.8 Goodwill amortisation 12.7 8.2
33.1 Decrease in stocks 69.4 47.6
(70.1) Decrease/(increase) in debtors 129.1 (8.2)
54.8 (Decrease)/increase in creditors and provisions (195.4) (90.1)
0.6 Decrease in net construction loans 0.3 0.9
518.0 Net cash flow from operating activities 259.7 177.9
ANALYSIS OF RESULTS
Half year to Half year to
Year to 31 January 31 January
31 July 2001 2002 2001
£m £m £m
TURNOVER BY ACTIVITY
European Distribution
2,371.4 Continuing operations 1,242.7 1,158.1
- Acquisitions - -
2,371.4 1,242.7 1,158.1
North American Plumbing & Heating Distribution
3,000.5 Continuing operations 1,753.8 1,422.8
- Acquisitions 0.2 -
3,000.5 1,754.0 1,422.8
US Building Materials Distribution
1,769.7 Continuing operations 904.6 831.5
- Acquisitions 9.2 -
1,769.7 913.8 831.5
Manufacturing and Other
- Continuing operations - -
53.3 Discontinued - 53.3
53.3 - 53.3
7,194.9 TOTAL 3,910.5 3,465.7
OPERATING PROFIT BY ACTIVITY (BEFORE GOODWILL
AMORTISATION AND EXCEPTIONALS)
European Distribution
158.2 Continuing operations 78.9 71.4
- Acquisitions - -
158.2 78.9 71.4
North American Plumbing & Heating Distribution
155.5 Continuing operations 89.9 67.6
- Acquisitions - -
155.5 89.9 67.6
US Building Materials Distribution
96.8 Continuing operations 41.9 43.5
- Acquisitions 0.2 -
96.8 42.1 43.5
Manufacturing and Other
- Continuing operations - -
3.7 Discontinued - 3.9
3.7 - 3.9
414.2 TOTAL 210.9 186.4
ANALYSIS OF RESULTS (Continued)
ANALYSIS OF MOVEMENT IN SALES
Movement
New Acquisitions in Sales in
Discontinued
Acquisitions Increment Operations
2001 Exchange 2002 2001 Organic Change 2002
£m £m £m £m £m £m % £m
European
Distribution 1,158.1 4.9 - 43.4 - 36.3 3.1 1,242.7
North American
Plumbing & Heating
Distribution 1,422.8 24.6 0.2 337.4 - (31.0) (2.2) 1,754.0
US Building
Materials
Distribution 831.5 14.4 9.2 42.0 - 16.7 2.0 913.8
3,412.4 43.9 9.4 422.8 - 22.0 0.6 3,910.5
Discontinued
Operations (note 4) 53.3 (1.3) - - (52.0) - -
3,465.7 42.6 9.4 422.8 (52.0) 22.0 3,910.5
ANALYSIS OF MOVEMENT IN OPERATING PROFIT
(BEFORE GOODWILL AMORTISATION AND EXCEPTIONALS)
Movement
New Acquisitions in Profit in
Discontinued
Acquisitions Increment Operations
2001 Exchange 2002 2001 Organic Change 2002
£m £m £m £m £m £m % £m
European
Distribution 71.4 0.3 - 1.6 - 5.6 7.8 78.9
North American
Plumbing & Heating
Distribution 67.6 1.2 - 17.9 - 3.2 4.7 89.9
US
Building Materials
Distribution 43.5 0.8 0.2 3.3 - (5.7) (13.1) 42.1
182.5 2.3 0.2 22.8 - 3.1 1.7 210.9
Discontinued
Operations (note 4) 3.9 (0.1) - - (3.8) - -
186.4 2.2 0.2 22.8 (3.8) 3.1 210.9
Goodwill of £5.8 million arises on the acquisitions made in the half year. The
operating profit contribution, after goodwill amortisation, from these
acquisitions is £0.1 million.
NOTES:
1 Basis of preparation
The figures for the year ended 31 July 2001 do not constitute the company's
statutory accounts for that period but with the exception of the segmental
disclosure referred to in note 2 below, have been extracted from the statutory
accounts, which have been filed with the Registrar of Companies. The auditors
have reported on those accounts; their reports were unqualified and did not
contain statements under Section 237(2) or (3) of the Companies Act 1985. The
accounts for the six months ended 31 January 2002 have not been audited, nor
were the accounts for the equivalent period in 2001. They comply with relevant
accounting standards and have been prepared on a consistent basis using
accounting policies set out in the 2001 Annual Report. As noted in the 2001
Annual Report, the requirements of FRS 19 (Deferred Tax) were implemented in the
prior year. The half year comparative figures have been restated accordingly.
This has resulted in the recognition of a deferred taxation asset of £14.3
million at 31 July 2000 and an increase in the taxation charge reported in the
half year ended 31 January 2001 of £1.7 million.
2 Geographical analysis of sales
Half year to Half year to
31 January 31 January
2002 2001
£m £m
European Distribution
UK 834.2 738.6
France 270.3 284.7
Other 138.2 134.8
1,242.7 1,158.1
North America Plumbing and Heating Distribution
USA 1,578.7 1,422.8
Canada 175.3 -
1,754.0 1,422.8
US Building Materials Distribution
USA 913.8 831.5
Discontinued Businesses - 53.3
GroupTotal 3,910.5 3,465.7
3 Operating profit
Operating profit includes £5.6 million (2001: £0.5 million) of property profits.
One-off costs relating to the integration of the Westburne acquisition
amounted to £0.9 million (2001: £nil).
4 Loss on disposal of operations
The group completed the disposal of its remaining manufacturing businesses on 2
February 2001 giving rise to a loss on disposal.
5 The results of overseas subsidiaries have been
translated into sterling using average rates of exchange. The year-end rates
of exchange have been used to convert balance sheet amounts.
6 The tax charge on ordinary activities for the half
year has been calculated at the rate which it is expected will apply for the
year ending 31 July 2002 and comprises the following elements:
Half year to Restated
31 January 2002 Half year to 31
January 2001
£m £m
Tax on profit for the year before exceptional gain
- UK 16.5 7.9
- overseas 36.4 42.3
52.9 50.2
Deferred tax 1.9 1.7
54.8 51.9
7 Earnings per share, calculated on an average of 576.6 (574.9) million ordinary
shares in issue, are as follows:
Earnings per share
Half Year to Restated
31 January 2002 Half Year to
31 January 2001
Pence per share Pence per share
Before goodwill amortisation and
exceptionals 24.46 20.07
Goodwill amortisation (2.20) (1.43)
Provision for exceptional loss on - (13.05)
disposal
Total 22.26 5.59
8 The interim dividend of 5.0 pence (4.55 pence) per share,
which will absorb £28.9 million (£26.2 million) will be paid on Wednesday 31
July 2002 to ordinary shareholders on the register on 12 July 2002. The shares
will be quoted ex dividend on 10 July 2002.
9 The following table summarises the acquisitions made during
the half year. In certain cases the consideration is subject to adjustment and
includes net borrowings acquired.
Estimated Expected contribution to
group turnover in a full year
consideration including
debt
Acquisitions
£m £m
European distribution 0.2 0.7
NA Plumbing and Heating Distribution 0.2 1.1
US Building Materials Distribution 13.9 52.8
14.3 54.6
10 Pensions and other post retirement benefits
Note 34 to the Group's 2001 Annual Report & Accounts summarised the position as
at 31 July 2001 in relation to pension liabilities on an FRS 17 basis. At that
date the pension deficit, net of taxation, amounted to £42.6 million of which
£28.5 million was provided in the balance sheet.
11 Copies of announcements
Wolseley plc will mail a copy of the interim report to shareholders for the six
months ended 31 January 2002. Requests for a copy of this report should be
addressed to the Company Secretary, Wolseley plc, Parkview 1220, Arlington
Business Park, Theale, Reading RG7 4GA.
A copy of the 2002 Interim Announcement, together with copies of other recent
public announcements, including the 2001 Preliminary Announcement, can be found
on Wolseley's web site at www.wolseley.com. Copies of the Interim and
Preliminary Announcement presentations given to stockbrokers' analysts are also
available on that site.
-End-
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