Wolseley - Final Results Announcement
LONDON, September 22 /PRNewswire/ -- Wolseley, the world's largest plumbing
and heating products supplier and
a leading provider of construction materials, today announced Group operating
profits sharply down at the year-end.
These results reflect the significant deterioration over the last year in
the business environment facing the Group's operations but, also, its ability
to react swiftly with aggressive cost-cutting and increased cash conversion.
As a result, the Group remains well within its borrowing covenants.
In a video interview Chip Hornsby, CEO, said:
"When you look at the last 12 months, certainly the market conditions
have been difficult, and unfortunately, are becoming even more difficult,
particularly as you look at what's happened in the US and migrated now to
Europe. What we've done to react to that is a huge degree of focus on cost
reduction, on working capital, cash generation, and I am particularly pleased
with the progress that we've made in each of those areas, which we've
demonstrated clearly in our results. What's even more encouraging is that we
have generated over GBP1 billion in headroom from our cash position and are
well-focused to continue in that direction in the future."
An interview with Steve Webster, CFO, is also available.
The interviews, podcast and transcript are available now on
http://www.cantos.com.
It's free to view. All you need to do is register at
http://www.cantos.com. Cantos.com, the online financial broadcaster, features
in-depth interviews, documentaries and webcasts with senior company
executives. If you would like to contact us, please email
enquiries@cantos.com or phone +44(0)207-936-1333.
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