BUILDING and plumbing supplies firm Wolseley yesterday said it returned to profit as construction markets around the world stabilised, but issued a warning over the uncertain outlook in the UK.
Wolseley, which trades as Plumb Center and Build Center in the UK, reported pre-tax profits of £195m in the six months to January 31, against a £261m loss a year earlier thanks to the US housing market recovery.
Its UK business also put in an improved performance with like-for-like sales up 6% and trading profits up 55%, to £51m, following the sale of its under-performing Bristol- based Brandon Hire business for £42m last year.
But the group remains cautious about the outlook in the UK as the Government cuts back public sector spending, which accounts for about a quarter of its UK revenues.
