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The building materials giant, which generates more than 80% of its earnings outside the UK, announced the move on Monday as it unveiled pre-tax losses that had narrowed from 拢766m to 拢328m in the year to the end of July.

Net debt at the end of the period was 拢346m, down from 拢959m a year earlier. Turnover slipped to 拢13.2bn from 拢14.4bn last year.

Kevin Cammack, an analyst at Cenkos Securities, said the results were 鈥渞easonably positive鈥� but criticised what he described as 鈥渁 litany of new exceptionals, more window dressing on debt, and a cautious to non-committal outlook statement鈥�.

Charlie Campbell at Liberum Capital was more upbeat. 鈥淭he outlook for its markets is not clear but 鈥� the company is confident of increasing profits through the year,鈥� he said.

Wolseley, which has abandoned its aggressive expansion strategy, will create a holding company called New Wolseley, which will be incorporated in Jersey with its tax residence in Switzerland. The move will reduce the group鈥檚 tax rate from 34% to 28%.

John Whybrow, Wolseley鈥檚 chairman, is to retire at the firm鈥檚 next annual meeting and will be succeeded by Gareth Davis, a former chief executive of Imperial Tobacco.