HEATING and plumbing group Wolseley saw its share price drop further last night as it warned the US housing slump had hit profits by almost a third so far this year - and warned the market was likely to get worse.
The group, which has seen its share price drop from about 1400p at the beginning of 2006, is battling weakening levels of consumer confidence, credit restrictions and a weak US dollar.
Its trading update for the five months to December 31 showed group pre-tax profits were down by almost a third.
Wolseley said the US housing market was "likely to deteriorate further".
There are also signs of a sluggish housing market in the UK, but Wolseley said revenues for its UK and Irish businesses increased by about three per cent in the period, with profits up by one per cent.
The company employs 400 staff at offices in Ripon and 200 at a distribution centre in nearby Melmerby, North Yorkshire.
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