UK-based Wolseley plc, distributor of plumbing and heating products to professional contractors and supplier of building materials, reported revenues from continuing operations were down 1.5% – down 16% on a constant currency basis – to £13.25 billion (US$21.86 billion). Trading profit from continuing operations was down 47%.

The company has completed its review of the Central and Eastern European markets, and has decided to focus on countries in that region where it has built sufficient scale, established leading market positions and can deliver an appropriate financial return. As a result, Wolseley decided to sell its Belgium, Slovakin and Czech Republic businesses. It will retain a presence in Switzerland, Austria, Luxembourg, Denmark, Holland and Italy.

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