READING, U.K. -- Wolseley recently announced the final fiscal results for the year ended 31 July 2010. The distributor of building materials and construction supplies offered the following financial highlights in its release to the media:
- Revenue of £13,203 million, 10% below last year on a constant currency basis.
- Like for like revenue growth of 4% in Q4.
- Gross margin maintained at 27.7% despite a tough trading environment.
- Operating costs reduced by £353 million (10%).
- Trading profit of £450 million, second half trading profit of £283 million, £87 million ahead of last year.
- Strong cash from operating activities of £705 million.
- Intend to resume dividends at 2011 half year results.
“In the second half of 2010, an improvement in like-for-like revenue growth, continued cost discipline, and a consistent focus on protecting gross margins delivered results ahead of expectations,” said Wolseley CEO Ian Meakins.
The Wolseley CEO also reflected on the company’s financial outlook moving forward.
“Demand across our markets remains mixed and the economic outlook continues to be unclear,” he stated. “Revenue growth in the early part of the current financial year is similar to that seen in Q4 last year. We will continue to take actions that will strengthen the business and, whilst overall we remain cautious about the outlook for our markets, we are confident that Wolseley will make good progress in the year ahead.”