Wolseley, the world's biggest distributor of plumbing and heating products, on Tuesday logged flat third-quarter profits, hit by foreign exchange fluctuations. Operational profit rose by just 0.6 percent to £155 million ($260 million, 190 million euros) in the three months to the end of April, compared with the outcome a year earlier, Wolseley said in a results statement.
However, at constant exchange rates, earnings jumped by 9.1 percent in the reporting period. Revenues dipped 0.8 percent to £3.048 billion in the quarter, but rallied 6.0 percent at constant exchange rates. "We continued to make good progress in the third quarter with strong growth in the USA and the Nordics offsetting more challenging conditions elsewhere," said chief executive Ian Meakins in the earnings release. He added: "Results were affected by significant unfavourable foreign exchange rate movements."
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