Wolseley has been hard hit by the recession.

'Poor year' for Wolseley

Published:  28 September, 2009

 

LEAMINGTON SPA: Building materials group Wolseley said that its pre-tax loss for the year to 31 July was £766m ($1.2bn), compared with a profit of £399m in the same period last year.

The construction industry has been one of the hardest hit by the recession.

 

The company said that it would not pay a final dividend "in light of adverse market conditions".

In May, the company had to slash 14 000 jobs worldwide in order to cut costs, and in June its chief executive, Chip Hornsby, left the company.

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