Wolseley reported Q1 FY16 results, reiterating the concerns on O&G exposure in North America markets as well as sluggish RMI markets in the UK. As a result, lfl growth slowed to 3.2% during the quarter vs. 5.4% in Q4 15 and falls short of the guidance of 4% for H1 FY16. Revenue came in 5.3% higher, with a 1.4% help from FX, at £3.6bn (+3.2% on lfl basis) with growth in the Nordics (+5.5%) and the US (+4.5%) partially offset by declines in the UK (-1.1%), Canada (-3.7%) and Central E
25 Nov 2015
Industrial market slump and weak pricing in the UK weigh on the Q1 results
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Industrial market slump and weak pricing in the UK weigh on the Q1 results
Ferguson Plc (FERG:LON) | 16,950 -28815 (-1.0%) | Mkt Cap: 34,377m
- Published:
25 Nov 2015 -
Author:
Vibha Issar -
Pages:
3
Wolseley reported Q1 FY16 results, reiterating the concerns on O&G exposure in North America markets as well as sluggish RMI markets in the UK. As a result, lfl growth slowed to 3.2% during the quarter vs. 5.4% in Q4 15 and falls short of the guidance of 4% for H1 FY16. Revenue came in 5.3% higher, with a 1.4% help from FX, at £3.6bn (+3.2% on lfl basis) with growth in the Nordics (+5.5%) and the US (+4.5%) partially offset by declines in the UK (-1.1%), Canada (-3.7%) and Central E