Business is good, and communication is flowing freely at Wolseley

Wolseley PLC remains upbeat about the UK market as it holds its AGM today, confident that the government鈥檚 initiatives to improve social housing and infrastructure will have a positive effect on its business. Wolseley 鈥� the world鈥檚 largest specialist trade distributor of plumbing, heating and building products 鈥� recorded group sales of over 拢10 billion in the year ending 31 July 2004, with 拢619 million operating profit.

Chairman John Whybrow will tell shareholders at the AGM that despite the recent slow in the UK housing market there is no evidence of any adverse impact on the company鈥檚 repair maintenance and improvement works. The outlook for the company in Europe and America is good, with Canada likely to see best results, as its housing market is currently strong.

Attendees are in for a pleasant surprise at today鈥檚 meeting: Wolseley will be named as having held the AGM of the Year 2003 by the Co-operative Insurance Society, for having such good communication with its institutional and private shareholders.