American slowdown fails to hurt Wolseley

PLUMBERS and builders' merchant Wolseley said today that the "softening" of the American economy has yet to hurt the group, most of whose profits come from the US after the 250 million acquisition of a Canadian-based plumbing distributor Westbourne.

The US housing market is "resilient" and remains strong, despite twinges in some regional markets, Wolseley said in a trading update on the year to 31 July.

Interest rate falls on either side of the Atlantic will help ease charges and group gearing is expected to come in at around 55%.

Wolseley spent 395 million on acquisitions, adding about 975 million to turnover, with one-off costs of about 7 million, most of it taken on the chin this year.

Timber prices are up on January 's low but the average price for house-framing wood for the year so far is still "well below "the previous year 's average,Wolseley says.

Wolseley shares were 2p off at 528p.

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