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Builders and plumbers merchant group Wolseley is to return £300m to shareholders through a special dividend.
The shareholders cashback follows a surge in profits in both the UK and US markets. as the construction market shows signs of recovery. The special divided to shareholders is planned for December.
Pre-tax profits were £473m for the year to July 31, up from £198m last time on turnover up to £12,854m from £12,345m (2.9% on a like-for-like basis).
Ian Meakins, Chief Executive, said: “We are today proposing a special dividend of £300 million accompanied by a share consolidation which reflects the Group’s strong financial position and our desire to maintain an efficient and sustainable balance sheet.
