Wolseley warns of lower profits

Wolseley, the world's biggest plumbing supplies group, warned that profits would fall this year, hit by "uninspiring" markets and rationalisation costs. But while continental Europe is likely to be difficult for the rest of the year, there are signs of improvement in the UK housing market and the US market should improve.Profits fell from pounds 117m to pounds 111m in the six months to January.

Investment Column, page 18.