Where will this lead to?

Thanks skinny, having a spring clean out at the moment. :-))

From Panmure Gordon today:
"Steady progress from Wolseley with a continuing good performance from the US being partially offset by tough conditions in Europe. Cost control and market share gains remain a feature, contributing to stable margins. While investors will focus on US housing we believe that there is a lot of good news already in the share price; take profit, Sell.
Headlines. A solid Q3 trading update with reported revenue up 6.0% to £3.2bn or +2.4% on a like for like (LFL) basis. A stable gross margin and improved cost control saw trading profit up 7.9% to £150.0m; a trading margin of 4.6%. Early trade in Q4 has continued at the same rate.
Divisional. The US remains the main driver behind the growth with LFL revenue +8.3%. The RMI (repair, maintain, improve) segment remains resilient, new housing positive but industrial is slow. Canada LFL was flat due to weaker residential volumes but infrastructure spend is positive. UK continues to improve with LFL +5.2% due to further market share gains. Nordic and European markets are challenging, seeing negative LFL trends. Progress is being made in its French restructuring.
Impact on forecasts. Ahead of the 0900 conference call we are not changing our forecasts. Our FY 2013E PTP is £670m, EPS 169.7p with consensus PTP being £653m, EPS 180.5p. For FY 2014E our PTP is £750m, EPS 191.3p with consensus PTP being £800m, EPS 216.4p.
Valuation. The calendar 2013E P/E is 17.5 falling to 16.0x and EV/EBITDA is 11.3x falling to 10.4x. The dividend yield is 2.3% with the payment covered 2.5x by earnings and 1.6x by FY 2014 FCF. The FCF yield averages 2.7% over the next three years.
Recommendation. With the share price having recently sailed through our target price we still believe it is right to lock in profits hence our cautious recommendation. The medium term attraction of North America remains in place so any price weakness will prompt us to revisit our recommendation."

Final Results

Financial highlights

§ Revenue of the ongoing businesses 4.1% ahead of last year, like-for-like growth of 2.9%.

§ Gross margin of the ongoing businesses of 27.8%, 0.3% ahead of last year.

§ Trading profit of the ongoing businesses £725 million, 10.7% ahead of last year.

§ Impairments and exceptional charges of £174 million (2012: £377 million).

§ Headline earnings per share of 181.8 pence, 8.0% ahead of last year.

§ Strong cash generation with net debt of £411 million (2012: £45 million net cash).

§ Proposed final dividend of 44 pence bringing total for year to 66 pence, 10.0% ahead of last year.

§ Proposed capital return of £300 million via a special dividend and share consolidation.

Operating and corporate highlights

§ Good growth in US, early signs of recovery in UK but continued weakness in Continental and North Europe.

§ Tight cost control and restructuring executed in Continental and North Europe.

§ Good flow-through of incremental revenue to trading profit.

§ Trading margin for the ongoing businesses of 5.6%, 0.3% higher than last year.

§ Six bolt-on acquisitions completed with annualised revenue of £301 million.

§ France strategy being executed as set out at the half year results.

AGM obviously went well!

I always follow this one but have avoided like the plague for many months as I could never ever call it right!

Results for the half year to 31 January 2014

Financial highlights

§ Revenue of the ongoing businesses 5.2% ahead of last year including like-for-like growth of 3.2%.

§ Gross margin of the ongoing businesses of 28.2%, 0.4% ahead of last year.

§ Trading profit of the ongoing businesses £360 million, 8.8% ahead of last year.

§ Headline earnings per share of 91.4 pence, 15.3% ahead of last year.

§ Continued good cash generation with net debt of £927 million (2013: £871 million) after ordinary and special dividend payments of £476 million over the last year.

§ Proposed interim dividend of 27.5 pence per share, 25.0% ahead of last year, including a rebasing of 15% reflecting the Group's strong and sustainable cash flows.

Operating and corporate highlights

§ Good growth in the USA and UK and modest improvement in like-for-like growth in Nordics. Continued weakness in Central Europe and Canada.

§ Decent flow-through of incremental revenue to trading profit.

§ Trading margin for the ongoing businesses of 5.6%, 0.2% higher than last year.

§ Two bolt-on acquisitions completed in the period with annualised revenue of £52 million. Previously announced acquisition of Puukeskus now completed.

§ Good progress on investment in technology and processes to support the development of more efficient business models.

i never ever get my timing or direction right on this one, so have avoided (losing money!) for the last year or two!

however, the results certainly show how the housing market is improving - HWDN and prob a couple of others would also indicate likewise - so those of a brave nature may still want a dabble, especially before usa wakes up

Interim Management Statement

Third quarter highlights

§ Revenue of the ongoing businesses 6.0% ahead of last year at constant exchange rates, including like-for-like growth of 5.1%.

§ Gross margin for the ongoing businesses of 28.1%, 10 basis points ahead of last year.

§ Trading profit for the ongoing businesses £155 million, 9.1% ahead of last year at constant exchange rates.

§ Foreign exchange movements adversely impacted trading profit by £12 million.

§ Five bolt-on acquisitions for total consideration of approximately £119 million.

§ Good cash generation with net debt of £914 million (30 April 2013: £694 million), after £90 million cash out-flow for acquisitions in the quarter.

Results for the year ended 31 July 2014

Financial highlights

§ Revenue of the ongoing businesses 6.1% ahead of last year at constant exchange rates, including like-for-like growth of 4.2%.

§ Gross margin of the ongoing businesses of 28.1%, 20 basis points ahead of last year.

§ Trading profit of the ongoing businesses £761 million, 8.6% ahead of last year at constant FX rates.

§ Foreign exchange rate movements adversely impacted trading profit by £30 million.

§ Headline earnings per share of 196.2 pence, 9.9% ahead of last year.

§ Strong cash generation with net debt of £711 million (2013: £411 million) after ordinary and special dividend payments of £489 million over the last year.

§ Proposed final dividend of 55.0 pence per share, bringing the total for year to 82.5 pence per share, 25.0% ahead of last year, including a rebasing of 15.0% announced at the half year results.

§ £250 million share buyback programme announced.

Operating and corporate highlights

§ Continued strong growth in the USA; Europe and Canada remained subdued.

§ Good flow-through of incremental ongoing revenue to trading profit of 10.8%.

§ Trading margin for the ongoing businesses up to 6.0%.

§ Invested £194 million in eight bolt-on acquisitions with annualised revenue of £444 million.

§ Good progress on investments supporting the development of new business models.

§ Continued strong growth of e-commerce.

(1) "Ongoing businesses" excludes businesses that have been disposed of, closed or classified as held for sale.
(2) Before exceptional items, the amortisation and impairment of acquired intangibles and with respect to headline earnings per share before non-recurring tax items.
(3) Restated for IAS 19 (Revised) "Employee benefits".
(4) The increase or decrease in revenue excluding the effect of currency exchange, acquisitions and disposals, trading days and branch openings and closures.

chart above shows why i gave up on this stock ages ago ..... the figures didn't look bad, but the market reaction was dramatic ..... the few times i had a dabble, i always but always got the timing and/or direction wrong!

well i have suckered myself again this morning and bought a few as drop looks nuts to me

wonders never cease :-)

Goldman Sachs today:
"We make 10 rating changes. We upgrade LafargeHolcim and Wolseley to Buy (from Neutral); we downgrade Braas Monier, Bovis, Redrow, Crest Nicholson (off CL) and Bellway to Neutral from Buy. We downgrade Berkeley Group, Countrywide and Foxtons to Sell from Neutral. We also remove the Not Rated designation from Salini Impregilo and reinstate as Neutral."

sp has reacted badly to the latest numbers, but not really sure why
if WOS is going to concentrate its efforts on its US side, then that can be no bad thing for UK investors