UK: Wolseley warns of more cost cuts

Building supplies group Wolseley said today it had cut 6,000 jobs in the space of a year as it battles deteriorating conditions in its key markets.

The group, which employs 75,000 people worldwide, warned cost reduction measures will continue in the UK, where it has seen a “rapid” downturn in conditions.

Trading profits in the UK and Ireland fell 17% in the 11 months to June 30, including restructuring costs in Ireland of £9m (€11.3m) after headcount was reduced by 150 people and 13 branches were closed.

The Reading-based company, which earns around half of its annual £16bn (€20bn) sales across the Atlantic, is best known for its Build Center and Plumb Center trading names.