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Wolseley to Continue with Restructuring Programme

Wolseley to Continue with Restructuring Programme

Wolseley plc has recently published its third-quarter results and announced its intention to continue with its restructuring programme amidst tough economic conditions, reports the Telegraph. The anticipated costs of this restructuring exercise have increased from £15 million to £20 million.

Wolseley is a specialist trade distributor of plumbing and heating products and building materials. It operates in North America, the UK and Continental Europe and employs around 38,000 people.

Its latest results show that the company’s like-for-like revenue in the UK was 0.4% lower than last year and that the repairs, maintenance and improvement markets continues to be weak. Wolseley says that it is making good progress with the review of the UK operating model and expects the review to be completed by the end of August this year. According to the published results, like-for-like revenue has also seen a fall in Central Europe, declining by 0.2%.

Commenting on the results, Wolseley Chief Executive Ian Meakins, described the UK heating market as ‘challenging’ and said that the company continued to take actions to protect profitability.

“Recent revenue growth trends have been weaker and we have continued to manage costs and productivity very carefully while driving better customer service and strong cash conversion," he added.

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