Heating and plumbing supplier Wolseley lowered its outlook for revenue growth on Tuesday, saying it expects industrial markets in North America to remain challenging and little growth in a competitive British market. Shares in the British group fell 10 per cent to 3,773 pence, their biggest fall since May 2009.

Wolseley said it expects to generate like-for-like revenue growth of about 4 per cent in the six months through to January 2016, down from a six-month forecast of 6 per cent it gave in June.

Chief executive Ian Meakins said the weak spot in an otherwise strong US market was its industrial business, which accounts for about 15 per cent of revenue in the region.

Wolseley posted an 11 per cent rise in trading profit to £857 million for the year to end-July. – (Reuters)