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Wolseley Share Discussion Threads
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|Wolseley said it expected to achieve further progress in H2 as it turned in a lower H1 pretax profit accompanied by a rise in interim dividend, and unveiled a name change to Ferguson Plc.
Pretax profit for H1 was £328m, from £367m. Its revenue rose to £8.5m, from £6.8m. Interim dividend was 36.76p a share, up from 33.28p.
CEO John Martin said Wolseley delivered a good trading performance in the first half, driven by US-subsidiary Ferguson Enterprises.
"In the US, residential and commercial markets remained good and industrial markets improved but were still negative. Commodity price deflation reduced US revenue growth by 1.8 per cent in the first half," it said. Martin added that the UK transformation programme had started well and was are making good progress clarifying customer propositions and simplifying the logistics network.
"We have concluded our review of the Nordic operating strategy and identified a clear and executable plan to return the business to profitable growth," he said in a statement.
"However, there are few synergies with the rest of the Group's plumbing and heating businesses and we have initiated a process to exit our business in the region. We have excellent opportunities to generate attractive returns in our other businesses and we will focus resources there in the future."
Martin said Ferguson now accounted for 84% of group trading profit and that Wolseley had decided to align the group's name with its most significant brand in our largest market.
"Whilst the Group will be known as Ferguson plc going forward we will continue to use the Wolseley name in the UK and Canada where it has strong local recognition."
The CEO continued that like-for-like revenue growth since the end of the period was about 4.5% for the group and 5.5% in the US.
"Commodity deflation has been negligible in this period. We continue to execute our strategy of investing in profitable growth and expansion where appropriate while keeping tight control of the cost base. We expect the Group to make further progress in the second half."
Separately, Wolseley announced Frank Roach had indicated his intention to retire as CEO of Ferguson Enterprises and as an executive director of the group on 31 July 2017. He would be succeeded by Kevin Murphy|
|London's FTSE 100 was up 0.1% to 7,302.51 in afternoon trade as investors looked ahead to Wednesday, when PM Theresa May will officially kick off divorce proceedings with the EU.
Plumbing and heating supplier Wolseley was the standout gainer as it unveiled a name change and plans to withdraw from the Nordics, along with a drop in half-year pre-tax profit and a 10% dividend hike.
The group said it would now be called Ferguson, in recognition of the US division that now pulls in 84% of group trading profit - a move that was welcomed by investors.|
|Another rocketing share on the Donald's infrastructure promises.|
|Wolseley has signed an agreement to merge its Swiss plumbing and heating business, Tobler, with Walter Meier AG, a Swiss heating and HVAC distributor.
If the tie-up was completed, Wolseley expected to receive cash consideration of CHF117.8m and a 39.2% minority holding in the newly combined and enlarged business.
It said the potential merger would be consistent with the strategic objectives of both Wolseley and Walter Meier to create a high quality, market-leading business across plumbing, heating and HVAC distribution in Switzerland.
The proposed merger was subject to approval by Walter Meier's shareholders, appropriate financing and Swiss competition clearance and therefore there can be no certainty that the transaction will be completed.|
|Watch Wolseley (WOS) closely on potential upcoming earnings-numbers surprise
|A pretty encouraging set of results - which the market looks like its cottoning on to.|
|From todays RNS:-
"After a low point in November, like-for-like revenue growth over the subsequent three month period to 29 February 2016 improved to 3.2 per cent for the Group and 5.7 per cent in the USA"|
|A quiet board.... In a sort of down trend since August?... What's going on?|
|Yes competition - that's totally new!|
|WELCOME TO WOLSELEY _ ACTIVE INVESTORS CLUB (WOS)|
|WOLSELEY _ ACTIVE INVESTORS CLUB (WOS)|
|So why the hammering today on those seemingly good results?|
|Never ever take the slightest notice of them either way even if you live another 100 years, they are complete and utter rubbish designed to keep third rate failed bean counters in jobs .|
|and what might those broker targets tell us ...ummm... about brokers and broker targets...
|Goldman Sachs Wolseley PLC 09/09/2015
4,690.00 5,305.00 4,196.00
|Upgraded by Citi this morning
New TP 4725.|
|Ashtead Group and Wolseley are both gaining on the back of the rising US dollar|