Answering questions, Mr Wilson said the number of new branches opened in the USA was abnormal due to delays: normality is 10 to 15.
Re Australia and NZ, the market is softer but REH is holding its own from a share perspective, plus a couple of small acquisitions in the digital space. Maybe REH has a little bit of over investment in Australia that Mr Wilson said would 'watch'.
In the USA, the waterworks business has been hit by the previous CEO forming a private equity business that has pinched 25 per cent of REH waterworks staff in the last six months. Unethical behaviour was being experienced. Nothing though was unexpected. The USA is structurally different to Australia with competition and the power of manufacturers.
In Australia, if acquiring a business, the management sees out their period of non-compete and retire: in the USA, 'they come back at you'.
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