Ferguson reports 9% rise in first-quarter profit; Wolseley UK demerger on track

(Reuters) - Plumbing parts distributor Ferguson Plc reported a 9% rise in first-quarter profit on Tuesday, boosted by a rise in residential housing activity in the United States.The company said the planned demerger of Wolseley UK was on track and is expected to be completed next year. Profit rose to $451 million (351.5 million pounds) from $413 million (321.9 million pounds) in the three months ended Oct.31, from a year earlier.