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| Wolseley to shed 2,300 more jobs | Wolseley to shed 2,300 more jobs |
| (31 minutes later) | |
| Plumbing and building materials firm Wolseley says it is to cut 2,300 more jobs, the majority in the UK, and close more than 200 branches. | Plumbing and building materials firm Wolseley says it is to cut 2,300 more jobs, the majority in the UK, and close more than 200 branches. |
| Wolseley, which owns the Plumb Center and Build Center chains and operates in Europe and North America, said it had already cut 5,000 posts since August. | |
| It added that trading conditions were expected to worsen in the short-run. | |
| "We continue to react swiftly to market conditions with aggressive but measured cost reduction," the company said. | "We continue to react swiftly to market conditions with aggressive but measured cost reduction," the company said. |
| Profits for the three-month period to 31 October were down by about 45%. | Profits for the three-month period to 31 October were down by about 45%. |
| 'Rapid deterioration' | |
| "While these results reflect a further deterioration in the business environment in the first quarter, it was not unexpected," said chief executive Chip Hornsby. | "While these results reflect a further deterioration in the business environment in the first quarter, it was not unexpected," said chief executive Chip Hornsby. |
| "In these unprecedented circumstances, the key priorities remain driving cost reduction and enhancing cash flow to ensure the group remains compliant with its banking covenants." | "In these unprecedented circumstances, the key priorities remain driving cost reduction and enhancing cash flow to ensure the group remains compliant with its banking covenants." |
| Wolseley has been hard-hit by the housing downturn in both the US and the UK. | Wolseley has been hard-hit by the housing downturn in both the US and the UK. |
| The company said it had seen a "rapid deterioration" in the UK market, although the scale of the downturn was in line with its predictions. | |
| Revenue for the UK and Ireland was down 10%, with trading profit 65% lower. | |
| In a move aimed at saving £80m a year, Wolseley said it would cut about 2,000 posts in the next few months in the UK and the Irish Republic and close more than 200 branches. | |
| The firm currently operates more than 1,900 branches in the UK and the Irish Republic. |