Wolseley plc struggles to operate under deteriorating economic conditions, leaving the company with continuing declining numbers across the board. According to its Interim Management Statement for the nine months ended April 30, 2009, most of Wolseley's markets have continued to weaken in March and April, such as the challenging trading conditions in the US residential and non-residential markets.

In particular, the US commercial and industrial sectors declined further during the third quarter. All of the Group's European operations have witnessed declining economic activity in the period. Consequently, the Group has continued to implement cost reduction actions and drive for increased cash generation from tight working capital control and ongoing restraint on capital expenditure.

The recently completed capital raising and exit of the Stock US building materials activities leaves Wolseley strongly positioned to meet the current challenging market conditions.

For the full press release, read here.