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Plumb Center owner Wolseley is warning that the stronger pound is likely to affect its results this summer.
This is despite a 10% rise in profits for the third quarter, reported in an interim management statement released on Tuesday (May 29).
For the three months to April 30, Wolseley achieved trading profits of £139m, mainly thanks to good growth in the United States and Canada, which accounts for around half its revenues. However, tougher trading conditions in Europe and the weakness of the euro, is still holding the group back.
Trading profits in the UK were £3m higher at £26m, reflecting revenue growth of 1.9% on and better performances at Plumb Center and Parts Center.
Chief executive Ian Meakins said: “Wolseley has continued to make decent progress in the third quarter, with good growth in the USA and Canada partly offset by Europe. Given the uncertain economic outlook in Europe we will remain vigilant on the cost base while continuing to drive growth initiatives in the more robust markets.”
