Shares in Wolseley were up on the FTSE 100 in afternoon trading ahead of the group's half year results, expected tomorrow.

In December the company issued a first quarter statement in which it reported figures that exceeded management targets. The group was aided by ongoing restructuring and improving markets.

Wolseley also succeeded in reducing operating costs by around £23 million, mainly through disposals.

Tomorrow's results are likely to take a minor hit from the snow in December, but may also see the company return to, or at least signal a future return to, dividend payments.

Keith Bowman, analyst at Hargreaves Lansdown, said, "Prior to the results and with valuation a concern for some analysts - the shares have gained by over 35 per cent since September - market consensus opinion currently denotes a strong hold".

By 15:15 shares in Wolseley were up 0.48 per cent on the FTSE 100 to 2,091.00. pence per share.