Wolseley hit by weak house market in US

British plumbing and building materials supplier Wolseley today said profits were running 14% lower following a downturn in the US housing market.

The group, which is best known for the chains Build Center and Plumb Center, also reported weaker margins in its UK operation, but pointed out that it continued to outperform most of its principal markets.

Wolseley recently announced plans to cut costs in response to a sharp fall in new housing starts in the United States, which today caused trading profits in its North American region to fall by 15% in the five months to December 31.