Wolseley’s FY15 results were slightly ahead of our estimates, clocking in revenue at £13.3bn vs. £13.2bn and EBIT (excluding impairments and exceptionals) of £806m (vs. £781m). Lfl revenue growth in the on-going businesses was 7.1% (vs. 7.8% in 9M 15) reflecting slower growth across all regions (Q4 overall: 5.4%, US: 7.1%, UK: 3.1%), except the Nordics which recovered well in H2 (FY lfl growth: 5.5% vs. 8.8% in Q3 and 6.4% in Q4). In terms of market trends, while
