Trading Update

RNS Number : 5155H

Wolseley PLC

23 February 2010

 



NEWS RELEASE

23 February 2010

WOLSELEY EXPECTS GROUP TRADING PROFIT BEFORE EXCEPTIONAL ITEMS TO EXCEED CURRENT ANALYSTS' CONSENSUS FORECAST FOR THE FULL YEAR

If current trends continue, Wolseley expects that Group trading profit before exceptional items will exceed the current analysts' consensus forecast of £326 million for the financial year to 31 July 2010. This is primarily due to the achievement of better than expected cost efficiencies. The economic environment continues to provide limited visibility and demand is not consistent across our business units.

Aggregate restructuring costs are now expected to be material in the context of the results for the current financial year and therefore the £10 million of costs identified in the Interim Management Statement on 18 November 2009 will be classified as exceptional. In addition, the results will include an impairment charge in relation to the Group's business change programme as referred to in the announcement on 18 November 2009.

The Group will announce its half year results for the six months ended 31 January 2010 on 22 March 2010.

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Enquiries:

Analysts/Investors:
Derek Harding	[phone]
Director of Group Strategy and Investor Relations	[phone]
Media:
Mark Fearon	[phone]
Director of Corporate Communications
Brunswick:
Andrew Fenwick / Kate Miller	[phone]

About Wolseley

Wolseley plc is the world's 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 revenue for the year ended 31 July 2009 was approximately £14.4 billion and operating profit, before exceptional items and the amortisation and impairment of acquired intangibles, was £447 million.  At 31 January 2010 Wolseley had around 51,000 employees operating in 25 countries namely: UK, USA, France, Canada, Italy, The Netherlands, Switzerland, Austria, Czech Republic, Hungary, Luxembourg, Denmark, Sweden, Finland, Norway, Slovak Republic, Poland, Romania, San Marino, Panama, Puerto Rico, Trinidad & Tobago, Mexico, Barbados and Greenland.  Wolseley is listed on the London Stock Exchange (LSE: WOS) and is in the FTSE 100 index of listed companies.

 

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