The Nordic DT Group’s contribution to owner Wolseley in the first two quarters of the financial year was a 22 million GBP profit and a revenue improvement of 23 million GBP from last year.
The global building and hardware giant Wolseley, who owns the Nordic DT Group, has reported the results for the financial half year ended 31 January 2015
Nordic operations are 5 percent of ongoing Group trading profit.
In the Nordic region revenue was 3.3 percent ahead of last year on a like-for-like basis. Acquisitions contributed 7.9 percent of additional revenue growth.
Wolseley reports that Market conditions remained subdued in Denmark, modest in Sweden and continued to be very challenging in Finland.
”We gained or held market share in all of our businesses,” the management comments.
”We invested in developing a more efficient business model and additional marketing and branch format changes to improve top line growth. We are taking action to improve productivity and reduce costs and we expect second half profits to be ahead of last year.”
Gross margins were overall in line with last year before the impact of the acquisition. Operating expenses increased by 14% at constant exchange rates including 6% from the acquisition. Exchange rate movements were unfavourable and reduced trading profit by £3 million.