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Wolseley profit driven by U.S. growth, to change name to Ferguson
March 28, 2017 / 6:30 AM / 8 months ago

Wolseley profit driven by U.S. growth, to change name to Ferguson

March 28 (Reuters) - Heating and plumbing products supplier Wolseley reported a 25 percent rise in first-half profit, as growth in the United States more than made up for tough trading conditions in the UK and the Nordics.

The company plans to change its name to Ferguson Plc, subject to shareholder approval, its top brand in its largest market, the United States, where it makes about 84 percent of its profit.

Group trading profit rose to 515 million pounds ($646 million) in the six months ended Jan. 31, from 412 million pounds a year ago.

Revenue rose 24.5 percent to 8.461 billion pounds, while like-for-like revenue grew 3.2 percent year-on-year, and Wolseley said like-for-like revenue had grown about 4.5 percent since the end of the period. ($1 = 0.7974 pounds) (Reporting by Esha Vaish in Bengaluru, editing by Louise Heavens)

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