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Building products group Wolseley continues to cut jobs in an attempt to reduce its costs in the face of rapid deterioration in its markets. A further 2,300 jobs are to go, on top of 5,000 jobs already cut, producing total annualised savings of £237m. Wolseley reported a 30 per cent fall in trading profit in the three months to end-October and debt reduction remains a priority "to ensure continued compliance with banking covenants".
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Wolseley shares are well down on our recommendation (Sell, 709p, 1 February 2008) and there is little sign of an upturn yet. Sell at 287p.
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