黑洞社区

黑洞社区 materials giant Wolseley has posted a pre-tax loss of 拢766m in 2009 as a result of heavy restructuring costs and goodwill writedowns.

Turnover at the company fell 2.5% from 拢14.8bn to 拢14.4bn for the year to 31 July 2009.

The restructuring costs relate to the more than 10,000 jobs Wolseley has axed since the peak of the market in 2006.

On the plus side it reduced debt by 拢1.5bn to 拢959m following a 拢1bn rights issue in March.

Ian Meakins, who succeeded Chip Hornsby as chief executive in June, said: 鈥淥ur final results reflect the harsh impact of the economic downturn on the construction industry and consequently Wolseley鈥檚 business.鈥�

He added: 鈥淥verall, we remain cautious as to the outlook for our markets in financial year 2010, although profit trends in the second half are expected to improve.鈥�

The company said residential markets were continuing to stabilise while the repair, maintenance and improvement sector was now declining at a slower rate. On a more negative note, it said the commercial and industrial markets would decline at a faster rate.

In the UK and Ireland, trading profit plunged 69% from 拢176m to 拢55m and turnover fell 15.8% from 拢3.2bn to 拢2.7bn.

Wolseley has closed 284 branches in the UK and Ireland and now has 1,643 outlets (31 July 2008: 1,927), which resulted in 3,083 job losses.