Wolseley see profits surge

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The Independent Online

Wolseley, the world's biggest building supplies company, posted a 16 per cent rise in first-quarter trading profit and warned it will remain vigilant on costs due to uncertainty over the outlook.

The FTSE 100 company, which operates the Plumb Center and Ferguson chains in Britain and the US, said underlying operating profit rose 16 per cent to £185m in the three months to end-October, helped by strong growth across its US businesses. Overall like-for-like revenue was up 5 per cent to £3.6bn.

Its shares rose 3.6 per cent to 1972p yesterday.