Source - SMW
Wolseley has booked a FY pretax profit of £727m, from a year-ago profit of £508m. Ordinary dividend per share was 100p, from 90.75p, including a proposed final payment of 66.72p.

"Ferguson, our core US business which generates over 80 per cent of the Group's trading profit, performed well and achieved good growth in residential and commercial markets, partly offset by weakness in industrial markets," said CEO John Martin in a statement. 

"Commodity deflation, principally in the US, reduced the Group's growth rate by 1.5%. Ferguson continues to be the main priority for organic expansion and bolt-on acquisitions.

"Our review of UK operational strategy has identified opportunities to transform our customer propositions whilst simplifying our branch network and supporting logistics facilities to greatly improve service levels, drive availability and choice for customers and generate better returns for shareholders. 

"Regrettably this will result in job losses which we will handle sensitively and minimise through redeployment and attrition as far as possible.

"Like-for-like revenue growth in the new financial year has been 1.5 per cent for the Group and 4.5 per cent in the US. Demand across our markets remains mixed, with some uncertainty in the economic outlook. 

"We will remain vigilant in controlling our costs to protect profitability while investing in attractive opportunities for profitable growth. We are confident that Wolseley will make further progress in the year ahead."

Wolseley said its net debt was £936m, from £805m. Revenue was £14.4bn, from £13.3bn.

At 9:50am: (LON:WOS) Wolseley PLC share price was -234p at 4152p