Wolseley profits slump as trading remains tough

British plumbing and heating giant Wolseley today warned that some of its markets had still not hit the bottom as first-quarter profits slumped by half.

The firm expects commercial and industrial markets to “continue to deteriorate further in the short term” despite signs of stabilisation in its housing and maintenance business.

The Reading-based firm, which trades as Plumb Center and Build Center in the UK, said pre-tax profits from continuing businesses fell 50% to £75m (€84.5m) in the three months to October 31 on a constant currency basis.

Shares in the company fell 2% as chief executive Ian Meakins said: “The overall trading environment continues to be extremely tough.”