Plumb Merchants Sales Down

Wolseley, the largest building materials merchant, known for its plumb centre and build centre trade counters has seen slowing performance due to the downturn in the UK’s housing market.

Known by virtually all UK plumbers and heating engineers, Wolseley has reported trading profits were down 28% in the past 11 months. The company warned that things can get worse.

The company not only suffers from the slowdown in plumbing and heating jobs in the UK, but also from a major exposure to the US market. Wolseley normally makes around half its profits in the US, which has seen a sharp downturn of property prices and building activity.

The company said it also had to reduce its staff worldwide by 6,000 since August 2007. The company, which operates under several merchant names such as Plumb Centre, Build Centre, has also called off its final dividend to cut costs.
Chip Hornsby, Chief Executive said: “The deterioration in some of our key markets continues and it is likely that conditions will get tougher still.”

The company which has a workforce of 75,000 worldwide has confirmed that it is taking steps to ensure it stays within it banking agreements.

With high visibility within the plumbing and heating community, the company has a well regarded reputation for local presence around the country. Many plumbers and heating engineers rely on a Plumb Centre trade counter for their plumbing and heating parts, including piping, boilers, radiators and many other kits.

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