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Wolseley sees full-year profits before exceptionals above consensus forecast of £326 mln

Plumbing products and building materials supplier Wolseley PLC (LSE: WOS) said that, if current trends continue, it expects group trading profit before exceptional items to exceed the current analysts' consensus forecast of £326 million for the financial year to 31 July 2010.

The group ascribed this primarily to the achievement of better than expected cost efficiencies. The economic environment continues to provide limited visibility and demand is not consistent across its business units, it said in a pre-close trading update.

Aggregate restructuring costs are now expected to be material in the context of the results for the current financial year and therefore the £10 million of costs identified in the November 2009 interim management statement will be classified as exceptional.

The full-year results will include an impairment charge in relation to the group's business change programme as referred to in the November announcement, Wolseley added.

Disclosure: The author holds no positions in the company