Shares in building material group Wolseley were up on the FTSE 100 after the company said it expected to exceed full year profit expectations.
The group said that it had more than doubled its trading profit in the third quarter ended 30 April. Trading profit increased 112 per cent to £101 million, despite a fall in revenue of seven per cent to £3.2 billion.
In the year to date trading profit has fallen 10 per cent to £268 million, while revenue declined 13 per cent to nearly £11 billion.
The group said that its net debt as of 30 April was over one billion pounds and added that it expected group trading profit for the full year to be above the current analyst consensus forecast of £374 million.
Ian Meakins, Chief Executive, said, "Demand across the markets in which we operate remains mixed though most markets continue to stabilise. The UK and Canada generated like for like revenue growth and the revenue trend is encouraging in the USA. Our focus remains on improving customer service, maintaining market share and margins, driving efficiencies in our cost base and cash generation."
By 11:16 shares in Wolseley were up 6.28 per cent to 1,710.00 pence per share.