Wolseley returns to profitability

Building and heating materials group Wolseley has reported a return to profit for the six months to the end of January and reinstated its dividend.

Pre-tax profits for period were £195m compared with a loss of £261m a year earlier. Revenue rose 5% to £6.6bn.

The group said profitability had improved in all regions, but warned that the outlook for the UK was uncertain.

The results sent Wolseley shares up 3.5%.