Wolseley gains driven by US arm

Plumbing and heating merchant Wolseley has revealed higher profits as a strong performance in its heavyweight US arm overshadowed a struggling UK division.

The Leamington Spa-based business reported a 3 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 31 January. Its US division recorded a 9 per cent surge.

The UK makes up 15 per cent of group revenue, while the US contributes 43 per cent.

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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 £250 million, as revenues rose 3 per cent to £6.8 billion.