Difficult conditions in the European construction market meant sales were stable at Wavin

Difficult conditions in the European construction market meant sales were stable at Wavin

Difficult conditions in the European construction market have kept a lid on sales and profits at pipemaker Wavin. Sales at the Belgium-based firm rose just 1.6% in 2003 from the previous year to E937m. Operating profit was up 5% to E63m.

Chief executive Philip Houben said: “We are pleased with the net profit development in this difficult environment. However, growth and operating profit are behind the ambitious target that Wavin has set.”

Only the UK and Irish construction markets bucked the weak trend across Europe. The company singled out “disappointing trading conditions” in France and Scandinavia. The company said it “does not yet see signs of an upturn in the European building cycle”, but barring unforeseen circumstances expected this year’s results to match last year.