Wolseley plc will continue to focus on reducing costs after revealing that its group trading profit fell 28% in the past 11 months and staff numbers had been reduced by 6,000.
Most of the staff reduction has been in the US, where Wolseley has a significant portion of its business.
The company reported tough trading conditions across Europe, particularly in the UK – with trading profit down by 17%. Revenue increased slightly.
“New housing in the UK has slowed significantly in recent weeks in response to the lower availability and increased cost of mortgage financing, and deteriorating consumer confidence is also affecting the RMI market,” Wolseley said.
Headcount in Ireland is being reduced by 150 and 13 branches are being closed or consolidated.
