Where will this lead to?

6 month chart - long or short?

i have always called this wrong so have given up putting money with mouth, but i'ld reckon a short as with UK housebuilders and gov't-reliant contractors (SCHE!)

I've been long since the summer, so looking at 50%+ - just taken a contrarian short until I decide what to do :-)

Interim Management Statement

Builders' merchant group Wolseley said revenue increased by 6% on a like-for-like basis in the third quarter to end-April.

Trading profit was 30% ahead at 131m ,with gross margin, at 28%, 0.2% ahead of last year.

Operating costs were 19m lower than last year (underlying: 2.8% higher).

Adjusted net debt was 824m, 109m lower than 31st January 2011.

During the quarter the Group generated revenue of 3.271bn, 1% ahead of last year, and 6% ahead on a like-for-like basis.

The impact of inflation on Group revenue continued at about 3%, principally due to rising commodity prices.

Despite continued pricing pressure, Wolseley said focus on improving customer and product mix led to a higher gross margin of 28% in the quarter, 0.2% higher than last year.

Operating costs were 19m lower, principally as a result of disposals, though the underlying cost base in constant currency increased by 2.8% compared to last year.

The net impact of non-recurring items charged to trading profit in the quarter was not material to the overall result.

Trading profit of 131m was 30m higher than last year.

RNS Number : 2115K

Wolseley PLC

12 July 2011

WOLSELEY PLC

12 July 2011

Disposal of Electric Center

Wolseley announces that it has signed an agreement to sell its Electric Center business to Edmundson Electrical, a leading distributor of electrical equipment to trade and industry in the UK. Completion will follow a period of employee consultation and is expected to occur in the next few weeks.

In the year ended 31 July 2010, the business generated revenue of GBP130 million and trading profit of GBP1.5 million. In the 10 months ended 31 May 2011, revenue was GBP115 million and trading profit was GBP2.2 million. Net assets at completion are expected to be around GBP29 million and the transaction is expected to generate a small gain on disposal. The cash consideration will be used to pay down debt.

Commenting on the sale, Ian Meakins, Chief Executive of Wolseley plc, said:

"This transaction is in line with our strategy of focusing on businesses where we can create leading market positions. Given the complementary nature of Edmundson and Electric Center, the transaction represents a good outcome for the business and its employees. We wish them every success for the future."

For further information please contact

Wolseley plc

as i have said before, i never ever get the timing right on this stock, but with that caveat, it's worth noting that 200 dma was pierced (south) with considerable force today, closing near its session low

Another gap buster.

Another stonking day here - Croc would be pleased :-)

Closed up 99p.

Final Results.

Financial highlights

. Revenue of 13,558 million, 3% ahead of last year and 5% ahead on a like-for-like basis.

. Gross margin 20 basis points higher despite challenging trading conditions.

. Trading profit of 622 million, 38% ahead of last year.

. Adjusted net debt 490 million better than last year.

. Final dividend of 30 pence per share - total dividend for the year 45 pence per share.


Operating and corporate highlights

. Improved trading profit and gross margins in most businesses driven by better customer service and employee engagement.

. Five small bolt-on acquisitions in the USA and Denmark since last year.

. Disposal of non-core businesses largely completed.

. Redomicile to Switzerland completed.

. Refinancing of 822 million revolving credit facilities completed with significant reduction in future finance charges.

. Planned capital investment of 160 million including 90 new branches.

A Grand old Duke of York in the last 6 trading days - currently up 125 +8.2%

Another fine candle today.

1st Quarter Resukts.



First quarter highlights

Like-for-like revenue growth of 5%.

Gross margin of 27.1% was 0.1% ahead of last year.

Trading profit was 16% ahead at 185 million.

Adjusted net debt of 587 million, 118 million lower than 31 July 2011.

Sold Encon in the quarter, and completed the disposals of Build Center and our minority stake in Stock Building Supply in November.

Completed two acquisitions in the quarter and one in November, in the USA, with aggregate annual revenue of 88 million for consideration of 29 million.

1959 the high since the summer and a possible double top.

Not bad - up nearly 6 quid since late September.

Near 3 year highs today @2402.

Just the £10 increase since late August.

New 4 year highs today for Croc's favourite share @£25.00 - just an £11 increase since September.

New 4 year highs again today - 2519p.

RNS Number : 1158A

Wolseley PLC

27 March 2012

WOLSELEY PLC

Results for the half year to 31 January 2012


GBPmillion H1 2012 H1 2011 Change Like-for-like
change (3)
Revenue 6,841 6,629 +3% +5%
Gross profit 1,876 1,833 +2%
Trading profit (1) 310 275 +13%
Profit before tax 250 195 +28%
Headline earnings per share (1) 78p 60p +30%
Adjusted net debt (2) 529 933 404
Dividend per share 20p 15p +33%

Financial highlights

-- Revenue of GBP6,841 million, 5% ahead on a like-for-like basis.

-- Trading profit of GBP310 million, 13% ahead of last year.

-- Underlying(4) trading profit in the ongoing(4) business of GBP318 million, 16% ahead of last year.

-- Good cash generation with adjusted net debt of GBP529 million, GBP404 million better than 31 January 2011. Net debt will be reduced further on completion of the disposal of Brossette.

-- Headline earnings per share of 78p, 30% ahead of last year.

-- Interim dividend increased by 33% to 20 pence per share.

Operating and corporate highlights

-- Continued strong growth in USA and weakness in Europe.

-- Gains in productivity and strong flow-through of incremental revenue to trading profit.

-- Underlying trading margin for the ongoing businesses of 5.0%, 0.4% higher than last year.

-- Six bolt-on acquisitions completed since 1 August 2011 for GBP41 million with aggregate annual revenue of GBP100million and invested GBP6 million in 39 new branches.

-- Disposals of Encon, Build Center and residual stake in Stock Building Supply completed.

-- Completion of Brossette sale expected shortly.

(1) Before exceptional items and the amortisation of acquired intangibles.
(2) Including receivables financing and construction loan debt.
(3) The increase in revenue excluding the effect of currency exchange, acquisitions and disposals, trading days and branch openings and closures.

(4) Throughout this report 'underlying' results exclude the impact of non-recurring charges of GBP16 million (2011 : GBP3 million)

and 'ongoing businesses' excludes businesses that have been sold or are held for sale.

Ian Meakins, Chief Executive, commented:

"Wolseley has delivered another decent performance, despite challenging economic conditions in Europe, with like-for-like revenue growth of 5 per cent. The underlying gross margin was maintained and our ongoing focus on operational efficiency has delivered further improvements in the trading margin of the ongoing business to 5 per cent. Good cash flow has enabled us to continue to reduce net debt and to invest for future growth. We have completed a number of value-enhancing acquisitions in the US and Nordics and they are being integrated promptly.

"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. We will continue to pursue operating efficiencies and remain focused on improving customer service, gaining market share and protecting our gross margins. We will continue to invest selectively in the business where we can exploit growth opportunities and generate good returns.

"An attractive and sustainable dividend is an important element of shareholder returns and we have raised the interim dividend to 20 pence per share, 33 per cent ahead of last year reflecting our confidence in the business."