In the Nordic region revenue increased by 1% and the like-for-like increase was 4% the difference being the result of adverse currency movements. The market in Denmark, the largest revenue generator in the region, continued to decline though Sweden, Finland and Norway all generated like-for-like growth. Trading profit of £35 million was in line although last year’s result included a one-off gain of £2 million relating to the disposal of property.
Revenue in France declined by 8%, although the business generated like-for-like growth of 2%, with the difference arising from currency movements. The Building Materials and Import and Wood Solutions businesses generated like-for-like growth though the revenue trend in plumbing and heating remained negative. France overall broke even in the first quarter compared to a loss of £9 million last year, principally due to improvements in the cost base.
In Central Europe revenue was 10% lower than last year, 3% lower on a like-for-like basis as a result of disciplined margin management and the exit of unprofitable business. Profitability improved in each country and the region generated a trading profit of £12 million, strongly ahead of last year.
Net debt at 31 October 2010 was £681 million (31 October 2009: £1,223 million) and £249 million of factoring facilities were utilised (31 October 2009: £145 million).
Notes to Editors
Wolseley plc is the world's largest specialist trade distributor of plumbing and heating products to professional contractors and a leading supplier of building materials. Group revenue for the year ended 31 July 2010 was £13.2 billion and operating profit before exceptional items and the amortisation and impairment of acquired intangibles was £450 million. At 31 July 2010 Wolseley had approximately 47,000 employees operating in 25 countries. Wolseley is listed on the London Stock Exchange (LSE: WOS) and is in the FTSE 100 index of listed companies.
The Group will issue its half year results on 29 March 2011.
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Certain information included in this announcement is forward-looking and involves risks, assumptions and uncertainties that could cause actual results to differ materially from those expressed or implied by forward-looking statements. Forward-looking statements cover all matters which are not historical facts and include, without limitation, projections relating to results of operations and financial conditions and the Company’s plans and objectives for future operations, including, without limitation, discussions of expected future revenues, financing plans, expected expenditures and divestments, risks associated with changes in economic conditions, the strength of the plumbing and heating and building materials market in North America and Europe, fluctuations in product prices and changes in exchange and interest rates. Forward-looking statements can be identified by the use of forward-looking terminology, including terms such as "believes", "estimates", "anticipates", "expects", "forecasts", "intends", "plans", "projects", "goal", "target", "aim", "may", "will", "would", "could" or "should" or, in each case, their negative or other variations or comparable terminology. Forward-looking statements are not guarantees of future performance. All forward-looking statements in this announcement are based upon information known to the Company on the date of this announcement. Accordingly, no assurance can be given that any particular expectation will be met and readers are cautioned not to place undue reliance on forward-looking statements, which speak only at their respective dates. Additionally, forward-looking statements regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Other than in accordance with its legal or regulatory obligations (including under the UK Listing Rules and the Disclosure and Transparency Rules of the Financial Services Authority), the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Nothing in this announcement shall exclude any liability under applicable laws that cannot be excluded in accordance with such laws.