Wolseley gains driven by US arm
PLUMBING and heating merchant Wolseley revealed higher profits today as a strong performance in its heavyweight US arm overshadowed a struggling UK division.
The Leamington Spa-based business reported a three per cent like-for-like decline in revenues in the UK, where it trades as Plumb Center, BCG and Bathstore, for the six months to January 31, while its US division recorded a nine per cent surge. The UK makes up 15 per cent of group revenue, while the US contributes 43 per cent
The company, which employs 6,670 UK staff, said the heating market was subdued in Britain but other categories performed well.
Wolseley reported a 28 per cent jump in group pre-tax profits to £250m, as revenues rose three per cent to £6.8bn.