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Wolseley profit lifted by strong trading in U.S., UK and Nordics

Reuters - UK Focus

LONDON, March 25 (Reuters) - British plumbing supplies group Wolseley (LSE: WOS.L - news) posted a 8.8 percent rise in first-half trading profit on Tuesday, lifted by stronger trading in the United States, Britain and the Nordic (SES: MR7.SI - news) region, which offset more challenging conditions in Continental Europe.

The company, which operates the Plumb Center and Ferguson chains in the U.S. and Britain, reported trading profit of 360 million pounds ($594 million) for its ongoing business in the six months to end-January 2014, on group revenue of 6.52 billion pounds, from 6.28 billion in the same period 2013.

Pretax profit was 316 million pounds, it said, up from a restated 193 million for the same period last year.

"We delivered a good performance in our USA and UK businesses, achieving decent revenue growth and an improvement in underlying gross margins," said Chief Executive Ian Meakins.

The group also raised its interim dividend to 27.5 pence per share, 25 per cent higher than last year. ($1 = 0.6065 British Pounds) (Reporting by Li-mei Hoang, Editing by Paul Sandle)