LFL growth tapers off a touch at Wolseley
Plumbers' merchant Wolseley, no longer drowning in a sea of debt, felt confident enough to ramp up its interim dividend by a third on the back of strong profits growth, though like-for-like sales growth has tapered off a tad in the last couple of months.
Plumbers' merchant Wolseley, no longer drowning in a sea of debt, felt confident enough to ramp up its interim dividend by a third on the back of strong profits growth, though like-for-like sales growth has tapered off a tad in the last couple of months.
Revenue in the six months to January 31st rose 3% to £6,841m from £6,629m a year earlier. Like-for-like (LFL) sales were up 5%.
Underlying profit before tax jumped 28% to £250m from £195m at the interim stage last year. Charles Stanley had forecast profit before tax of £255m.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The interim dividend pay-out, at 20p, is much more generous than the 18p Charles Stanley had been expecting.
Adjusted net debt at £529m was down £404m on the end of January 2011 level. The group said debt will be further reduced when it offloads its Brossette division in the near future.
"Like-for-like growth trends for the group since the end of the period have been slightly lower than the first half overall with the US a little better and Europe a little weaker," revealed Ian Meakins, Wolseley's Chief Executive.
jh
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Reeves warned against property tax shake-up – 3 ways it could backfire on first-time buyers
Rachel Reeves reportedly has her eye on high-end property taxes in the upcoming Budget, but there are concerns a shake-up could unintentionally hamper those trying to get on the housing ladder
-
Average Brits want to retire five years before they can – who has the widest retirement gap?
Brits are expecting to work for longer than ever but there are big disparities in the number of extra working years predicted. A small tweak could help close the gap