Wolseley shifts tax base to Switzerl

时间:2020-11-12 09:10:48 resume 我要投稿

Wolseley shifts tax base to Switzerland as divis resume

        LONDON (SHARECAST) - Wolseley, the supplier of goods to the plumbing and heating trade, is to move its tax residency to Switzerland, it announced today at the same time as unveiling a rise in profits and the resumption of dividend payments.

        The company will change its corporate structure to create a new holding company which is UK-listed, incorporated in Jersey with its tax residence in Switzerland. Wolseley said the move would enable it to achieve a 'competitive' group corporate tax rate. Under the proposal, the tax position of the UK business will remain unchanged.

        Wolseley also announced that it will resume paying dividends at the interim stage next year after finishing the old year with a flourish.

        Although revenue for the year to 31 July fell 9%, or 10% in constant currency terms, to ?3.2bn from ?4.4bn the year before, this was above the market consensus of ?3.1bn, while the fourth quarter saw an encouraging 4% gain in like for like sales.

        Trading profit edged up to ?50m from ?47m the year before, though it was down 1% using constant exchange rates. Trading profit of ?83m for the second half of the financial year was ?7m ahead of the corresponding period of the year before.

        Earnings before interest, tax, depreciation and amortisation slipped to ?35m from ?88m.

        Loss before tax narrowed to ?28m from ?66m, after exceptional charges of ?32m (2009: ?58m) and impairment of acquired intangibles of ?23m (2009: ?90m).

        The gross margin was maintained at 27.7% despite what the company termed a tough trading environment.

        Over the whole year trading improved in the UK, the Nordic countries, Canada plus Central and Eastern Europe, largely as a result of cost cuts made the year before, while the USA and France had to wait until the second half to see an upturn.

        On the second half of 2010 an improvement in like for like revenue growth, continued cost discipline and a consistent focus on protecting gross margins delivered results ahead of expectations. Recognising this improved performance the board intends to resume dividends at the half year results,?said chief executive officer, Ian Meakins.

        Company chairman John Whybrow is to step down from the role to be succeeded by Gareth Davies, currently the board抯 senior non-executive director and former chief executive of Imperial Tobacco.

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