Wolseley shifts tax base to Switzerland

Aaron Morby 13 years ago
Share

Builders’ and plumbers’ merchant Wolseley has become the latest British company to change its corporate structure for tax reasons, proposing to base itself in Switzerland.

Wolseley said its underlying tax rate would fall from 34% to 28%. In it latest financial year that would have saved around £23m.

The firm reported a 9% rise in revenues to £13.2bn in the year ending 31 July and trading profits of £450m in the year to July 31, up 1% on a year earlier.

In the UK, sales slide 9% to £2.47bn with trading profit nearly doubled to £91m, helped by the builders’ merchant’s exit from Ireland.

Wolseley said: “We expect the overall recovery to remain weak as activity levels are held back by fragile consumer confidence and low availability of credit.”

Plumb and Parts Center performed well and ahead of the prior year. In addition, Build Center, which was loss making in 2009, strongly improved its trading performance and returned to profit in the period benefiting from a lower cost base.

Ian Meakins, Chief Executive said: “Demand across our markets remains mixed and the economic outlook continues to be unclear.

“Revenue growth in the early part of the current financial year is similar to that seen in Q4 last year.”

Latest news

Morgan Sindall delivers another record year of profit

Revenue tops £4bn as pre-tax profit soars 70% to £144m
27 mins ago

HS2 viaduct blunder over wonky concrete segments

Align JV now drilling out concrete joint as part of week-long remedial work
17 hours ago

City of London hots up as 9m sq ft under construction

Investors return to City as "10 Cheesgraters" of floorspace under construction
10 hours ago

Four arrested in £140m property fraud probe

Serious Fraud Office investigating collapse of property developer Signature Group
18 hours ago

McLaren gets green light for 31-storey student tower

Revamp of historic Birmingham site will provide 759 student beds and 189 apartments
25 mins ago

BT Tower to become hotel

New owner MCR Hotels to transform iconic building
54 mins ago

Plans in for first phase of £1.7bn ID Manchester

Plan to reinvent 1960s Renold Building as a new innovation hub
1 hour ago

London £3bn housing framework out to tender

SMEs allocated slots on London Construction Programme housing framework refresh
24 hours ago

BAM wins first major RAAC school rebuild

Contractor seals £46m deal for St Leonards school in Durham
1 day ago

Failed strip out specialist owes £1.5m to supply chain

More than 100 subcontractors and suppliers left with unpaid bills by Type Ten Limited
1 day ago

Councils to turn screw on building owners over fire safety upgrades

Government tells councils to step up legal action against rogue building owners
1 day ago

Green light for £300m Fenland energy from waste scheme

Wisbech incinerator will generate 50MW from half a million tonnes of waste
2 days ago

Multiplex starts on 50-storey Thames tower

Developer green lights construction of latest phase of £3bn Bankside Yards scheme
2 days ago

McLaren lodges fresh Reading Broad Street Mall plan

Town centre scheme will deliver 600 homes in four towers
2 days ago

Beard bags £24.5m Bristol office revamp

Construction to start in April
1 day ago

SMEs star in £3.2bn social housing upkeep deal

Around 85% of Efficiency North's framework winners are local firms
2 days ago

Scottish NHS new building projects delayed for two years

Spending clampdown hits over a dozen planned projects
2 days ago

Balfour M25 workers hold strike ballot

Motorway maintenance crews unhappy with 3.4% pay rise offer
2 days ago

Rainsford Contracts acquires M&E specialist

Expanded contractor will have turnover of £45m
2 days ago

Statom expands with launch of Northern HQ

RC frames specialist now targeting jobs in Scotland and north of England
3 days ago

High Court dismisses Stonehenge tunnel challenge

Judge quashes legal challenge against Government consent for £1.7bn job
3 days ago

£1.5bn Teesside carbon capture scheme consented

Final investment decision expected this year for construction start
3 days ago

First viaduct steel section installed at HS2’s complex junction job

Victor Buyck Steel Construction install first 300t viaduct section
3 days ago

Sister scaffold firms file administration notices

BCM Scaffolding Services and Scaffteq West employ 100 people between them
3 days ago

McLaughlin & Harvey suffers £8.6m loss

Cost inflation and Scottish landfill tax legislation hit Antrim-based group
3 days ago

Regulator opens probe into National Highways delivery

ORR concerned about 'dip in performance' on capital projects
3 days ago

Sir Robert McAlpine chief Paul Hamer exits

Hamer replaced as CEO by former Lendlease Europe boss Neil Martin
6 days ago

Unite Students to build £250m Newcastle scheme

Work to start this summer on revamp of Castle Leazes site
3 days ago

Britcon poaches Tilbury Douglas business development chief

Don Stewart joins Britcon board as strategic director
3 days ago

Building control system on verge of collapse

Calls to delay new registration scheme
6 days ago

Contractor services