Plumb Center leaking profits
WOLSELEY, owners of Plumb Center, posted sinking profits yesterday as the European downturn overshadowed better North American business.
The group, which includes Pipe Center and Drain Center, said profits fell to £199million in six months to January 31 from £250million last time.
Sales slipped 8.1 per cent to £6.28billion.
Boss Ian Meakins revealed a 8.3 per cent rise in sales in the US, its biggest market, due to more house building.
The UK was flat but French revenues dropped 10.4 per cent with its Nordic region down 6.2 per cent.