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Wolseley accelerates restructuring as demand remains subdued

Reuters - UK Focus

LONDON, June 1 (Reuters) - Heating and plumbing products supplier Wolseley (LSE: WOS.L - news) said its growth had slowed in recent weeks, reflecting subdued demand in some markets, and in response it would further restructure in Britain and Europe.

The company said like-for-like revenue growth since April 30, the end of its third quarter, had slowed to 1 percent from 2.8 percent in the previous three months.

It (Other OTC: ITGL - news) said total costs for restructuring for the year would now be about 20 million pounds ($29 million), but trading profit, excluding the additional costs, would be in line with market expectations.

Third-quarter trading profit grew 12.2 percent at constant exchange rates to 230 million pounds on revenue of 3.66 billion, up 5.9 percent on the same measure, it said on Wednesday. ($1 = 0.6900 pounds) (Reporting by Paul Sandle; Editing by David Holmes)