Euro hit for Wolseley

Economic ill winds in Europe have hit demand for construction and household repairs — and that is wounding Wolseley, the plumbing and heating supplies company.

Revenues at its French business fell 10 per cent in the three months to May, while central Europe's earnings declined 3.5 per cent.

Ian Meakins, the chief executive, said: "Given the uncertain economic outlook in Europe we will stay vigilant on the cost base while driving growth initiatives in the more robust markets."