Updates from Wolseley and Galliford Try

The FTSE 100 gave up almost 58 points yesterday to finish Monday at 6,525. The biggest fallers were ARM Holdings, down -6.98%, with Aggreko behind at -4.53%. Antofagasta was the day's biggest climber, up +2.64%.

Overnight, the Nikkei 225 recovers +2.50% to 13,593 while the Hang Seng slips -0.08% to 22,264. %VIRTUAL-SkimlinksPromo%We commence with third quarter numbers from heating and plumbing giant, Wolseley. Revenue increases +6.0% and like-for-like growth is +2.4%. There's a gross margin of 27.9% in line with last year with a trading profit of £150 million, +7.9% ahead.

There's net debt of £694 million (before interim dividend payment), £177 million lower than at 31 January 2013. Foreign exchange movements were favourable, increasing ongoing revenue by £92 million and trading profit by £5 million.

"Wolseley continued to make decent progress in the third quarter, with good growth in the USA and the UK offsetting challenging conditions elsewhere in Europe," says chief exec Ian Meakins. The company recently had its Buy rating reaffirmed by Deutsche Bank.

Next, Scottish Investment Trust claims a NAV total return of +17.1% for the six month period up to 30 April. The share price total return is +17.7% and a new all-time high share price reached. The investment portfolio has outperformed over 1, 2 and 3 years, so Scottish Investment Trust claims.

Strong income growth enabled the interim dividend to be increased by 4.3% to 4.80p while there is "significant" uninvested borrowings available for deployment.

"The largest total return came from Financials at £27.8m, with contributions from Sampo (Finland), Sumitomo Mitsui Financial Group (Japan) and Standard Life (UK)," says the company. "Industrial holdings contributed a total return of £18.5m driven by the infrastructure holdings of Airports of Thailand, Spectris (UK) and Aeroportuario del Sureste (Mexico)."

Lastly, house builder Galliford Try says it has won a contract to refurbish the Alphabeta office building in Finsbury Square, Central London, a contract worth £36 million. Owners Resolution Property will see 220,000 sq ft of office space for creative, media and technology occupiers overhauled.

"We are delighted to have been selected," says Galliford Try Chief Executive Greg Fitzgerald, "by Resolution for such a prestigious scheme in Central London. "This success quickly follows our recently announced contract awards across the south east, and further cements our reputation as a contractor of choice in that commercial market."

Galliford Try's partnerships housing business was recently named as a bidder for a south east London housing project in Deptford - the £17.8m Batavia Road scheme.

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