Wolseley profits fall 54%

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Building supplies company Wolseley said today that pretax profit for the year fell 54 per cent, and reiterated its bleak view of the market for 2010.

The company predicted that commercial and industrial markets would get worse, but also said that residential markets would show continuing stabilisation.

It expects its profit in the second half to show improvement as it benefits from cost cutting measures.

During the full year ended 31 July, it earned adjusted pretax profit down 54 per cent to £293m, on revenues which fell 2.5 per cent, or by 16.3 per cent at constant currency, to £14.4bn