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 andexit
of the Stock US building materialsactivities leaves Wolseley strongly positioned
to meet the current challenging market conditions.
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