Reliance Worldwide, which makes plumbing and heating systems, is facing an “unprecedented” surge in materials costs, chief executive Heath Sharp said as the company delivered a net profit of US$63.7 million ($88.8 million), down 3 per cent.

“I have never seen prices move so rapidly and so significantly,” Mr Sharp told The Australian Financial Review from Atlanta, where RWC’s operational headquarters are based. “It really is unprecedented.”