Where will this lead to?

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."

Tuesday May 29 =

- Economic bellwether Wolseley posts a third-quarter trading update, where it is expected to warn that the eurozone debt crisis and poor weather have made for challenging trading in Europe though the US is holding up. For the year to July 31, Panmure Gordon forecasts a rise in profits at the buildings merchant from £556m to £620m before tax and exceptionals.

Wolseley records growth in third quarter as margins hold
StockMarketWire.com
Builders' merchant group Wolseley today that said revenue increased by 4.7% and like-for-like growth was 3.8% in the third quarter to end-April. Trading profit of £139m was 10.3% ahead of the prior year period.

Gross margin of 27.7% was held at last year's level.

Operating costs were 3.6% higher than last year.

Net debt was £277m at period end, £314m better than 30th April 2011.

Wolseley completed the previously announced sale of Brossette and sold Bathstore for £15m.

Two small bolt-on acquisitions were completed in the third quarter in US and Denmark.

During the quarter the Group generated revenue of £3.069bn, 4.7% ahead of last year and 3.8% ahead on a like-for-like basis.

The impact of inflation on Group revenue was approximately 2%.

The gross margin of 27.7% was unchanged, despite a continuing tough pricing environment.

Operating costs were 3.6% higher than last year including increases in employee share scheme expenses of £4m and £2m of one-off restructuring charges. Headcount continues to be tightly controlled, particularly where markets are deteriorating. In light of tough markets in Europe, as noted at the half year, the Group may incur further restructuring charges in the fourth quarter though these are unlikely to be material in the context of the Group's full year results.

Trading profit of £139m was £13m or 10.3% higher than last year.

The trading margin improved to 4.5% (2011: 4.3%). The number of trading days in the period was the same as last year.

Ian Meakins, CEO, said: "Wolseley has continued to make decent progress in the third quarter, with good growth in the USA and Canada partly offset by Europe. We held our gross margin overall and controlled costs to generate 10% trading profit growth in the ongoing business. We will continue to pursue operating efficiencies and remain focused on customer service, gaining market share and protecting our gross margins. Given the uncertain economic outlook in Europe we will remain vigilant on the cost base while continuing to drive growth initiatives in the more robust markets."

Blackrock > 15%.

17 July 2012


Wolseley plc - CONTINENTAL EUROPE
----------------------------------

Wolseley's strategy is to focus on businesses where it can establish leading positions in attractive markets and consistently generate good returns for shareholders. In this context, we have decided to explore strategic options for the future of our businesses in France. In the year ended 31 July 2011 the businesses generated revenue of GBP1.3 billion and employed net assets of approximately GBP500 million, including GBP136 million of goodwill. In light of this review the appropriate carrying value of these assets will be assessed at year-end and this is likely to give rise to a non-cash impairment charge. This announcement is being made in order to enable us to commence consultation with our employees in France. In our Q3 IMS we reported difficult market conditions in Continental Europe and these conditions have continued. We continue to take appropriate actions to reduce our cost base and, in line with previous guidance, we have incurred one-off restructuring costs of approximately GBP20 million since 1 August 2011. As previously stated, it is likely that these costs will be charged to trading profit. In Denmark, where we have strong market positions, trading conditions have remained challenging and we will review the carrying value of goodwill and intangible assets of GBP393 million associated with this business. This is also likely to give rise to a non-cash impairment charge.

New high again this morning @2838p - don't you love a boring share.

Finally closed these and hope to buy back at a lower price - its like parting with an old friend.

Wolseley , the heating and plumbing supplies distributor, will be issuing full-year results on Tuesday, and it's been a bit of a successful recovery story of late. Profits plunged in 2009, and early that year the shares reached a low of 497p. But after dropping further the following year, profits have turned around and the shares have recovered to 2,623p, making them a five-bagger.

Earnings growth of around 13% is expected for the year, but much of the recovery looks to be already in the price, with a forward price-to-earnings (P/E) ratio of 16 looking a bit toppy. And the expected dividend yield of 2% is nothing to retire on. But being so international -- only about a fifth of Wolseley's business is in the UK -- it could provide a good barometer of the West's economic situation.

Deutsche Bank upgrades Wolseley from hold to buy, target price raised from 2,470p to 3,092p.

Final Results

Financial highlights

§ Revenue of the ongoing businesses 5.4% ahead of last year.

§ Trading profit of the ongoing businesses £658 million, 10.4% ahead of last year.

§ Restructuring charges of £17 million (2011: £nil) charged to trading profit.

§ Non-cash goodwill impairment of £353 million relating to acquisitions in 2003 to 2007.

§ Headline earnings per share of 168.4 pence, 17.8% ahead of last year.

§ Strong cash generation with net cash of £45 million, £568 million better than 31 July 2011.

§ Proposed final dividend of 40 pence bringing total for the year to 60 pence, 33.3% ahead.

§ Proposed capital return of £350 million via a special dividend and share consolidation.

Operating and corporate highlights

§ Good growth in USA and Canada, recovery in UK and weakness in Continental Europe.

§ Gross margin in the ongoing business of 27.5%, 0.2% below last year despite significant pricing pressure and 0.1% adverse impact of non-recurring charges.

§ Further gains in productivity and flow through of incremental revenue to trading profit.

§ Trading margin for the ongoing businesses of 5.2%, 0.3% higher than last year.

§ Nine bolt-on acquisitions with annualised revenue of £125 million.

§ Disposals of Build Center, Brossette, Encon, Bathstore and residual stake in Stock Building Supply completed; and Woodcote sold since the year end.

§ Ongoing review of future strategic options in France, as announced in July.