Merchanting giant Wolseley, which incorporates the Timber Center and Builder Center chains in the UK, has reported record annual pre-tax profits of £455.9m.

The company declined to break out the performance of individual group businesses or market sectors, but Steve Webster, Wolseley group finance director, said: “We are very pleased with the way heavyside operations have developed over the last two years in particular. Sales growth achieved was very satisfactory and timber is a growing element in that business.”

The Reading-based company’s UK business recorded sales of £1.88bn for the year ending July 31, an increase of 12.6%. It also added 153 new outlets during the period.

&#8220Heavyside sales growth achieved was very satisfactory and timber is a growing element in the business”

Steve Webster, Wolseley group finance director

It said repairs, maintenance and improvement work was the prinicpal driver behind business, with strong consumer demand against a backdrop of lower interest rates, low unemployment and house price inflation.

This was despite weakness in industrial and commercial markets and a “lack of any real evidence of the promised increase in government spending.”