Wolseley reported trading profit of
"The group grew its gross margin and controlled operating expenses to generate good conversion into trading profit, though reported results were affected by significant unfavourable foreign exchange rate movements," Chief Executive
It said its gross margin from ongoing businesses was 28.1% in the quarter, up 10 basis points on the year-earlier period. Its trading margin increase by the same amount to 5.1%.
The company said like-for-like revenue was up 9.0% in the US and 7.5% in the Nordic region, which more than offset declines in
Wolseley said it sacrificed revenue growth in the
Wolseley was hit hard by the financial crisis and resulting economic crisis as its markets in
It has also been selling off less profitable businesses, as well as buying new businesses and investing in things like IT.
Late last month, it said it had agreed to sell its Austrian plumbing and heating business ÖAG.
Wolseley said Tuesday that cash generation was strong in the third quarter. Still, net debt stood at
"Cash generation was good and we are continuing to invest in technology and new business models to deliver better customer service and gain profitable market share," Chief Executive Meakins said.
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