Like-for-like (LFL) revenue growth at plumbing merchant Wolseley continues to be polarised across its geographic regions, with growth in the US and Central Europe accelerating and declines in France and the Nordic markets worsening.
The first quarter of the financial year even saw UK LFL revenue growth slip into the red, down 0.3% on the year before, compared with a 3.5% rise in the preceding fourth quarter. Demand in the UK heating market was weak, though trading profits managed to grow slightly in the division, the group said.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
-
End of “fleecehold”: Will leasehold reforms bring an end to the UK's feudal system?Britain’s feudal system of property ownership is being overhauled. It's about time, says Simon Wilson
-
Microsoft’s partnership with OpenAI is on the rocksMicrosoft’s joint venture with OpenAI, the developer of ChatGPT, appears to be in trouble. What now for the two groups?
