British building materials and plumbing group Wolseley has said its markets have continued to weaken over the last two months, with the UK and Ireland showing greater levels of decline.
In a trading statement for the nine months to the end of April, the company said it had reduced its Irish workforce by 180 in the three months from February, as it had signalled earlier. Wolseley owns the plumbing, heating and builders supply stores Heat Merchants, Tubs and Tiles and Brooks in Ireland.
Revenue for the nine months was almost flat compared with a year earlier, but down 15% when currency movements were stripped out. But trading profit slumped by 58% to £189m.
The company said the Irish construction market, in particular, remained 'severely depressed' with activity more than 70% lower than the same period a year earlier. Revenue for the UK and Ireland decreased by 15% in the nine months and trading profit was 75% lower compared with a year earlier.
Wolseley said it expected its markets to continue to deteriorate in the short-term, with no improvement until 'at least' early 2010.
