Wolseley confirms jump in profits

<p>Profits are up at Wolseley, the firm has announced.</p>

Building group Wolseley has confirmed a rise in profits for the company, following growth in its US division.

The firm revealed that its full-year pre-tax profits were up by £198 million to £473 million, allowing it to increase its dividend by ten per cent.

It was added by the company that a special £300 million dividend is also being planned for December. Commenting on the results, chief executive Ian Meakins explained rates of growth have been maintained at the start of the new financial year.

"Our markets in the US continue to grow steadily and the UK market growth is encouraging," he said, adding conditions in Europe are expected to remain challenging in the coming months.

The share price of the building group is up in the early stages of this morning's (October 1st) trading on the back of the profits news.

At 08:17 BST, just after the opening of the London Stock Exchange, the share price of Wolseley had risen by 1.75 per cent.

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