Wolseley – no improvement expected this year

Published:  08 June, 2009

LEAMINGTON SPA: National merchant, Wolseley, received criticism from both investors and analysts following the announcement ... 

of an 80% fall in profits to £72m.

Chip Hornsby, chief executive of Wolseley, said: "There are no signs of improvement in the near future."

He also hinted that there could be some more job losses over the next year, although Wolseley has already axed around 20 900 jobs since 2007. Of these, over 3000 were in Britain.

Sales are reported to still be declining in all the company's markets, with revenue in the US falling by 15% in the nine months to 30 April.

In the UK and Ireland, profit fell by 70% and revenue by 15%.

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