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Wolseley says there will be no pick up until 2010

BUILDING supplies company Wolseley yesterday said that the market would not pick up for the rest of 2009, as it announced that pre-tax profits for the 11 months to the end of June were down 60 per cent. <br /><br />The firm, which shed 30,000 of its 80,000 workers in the past two years, said while there were signs that the UK new homes market was picking up, the commercial and industrial property markets were getting worse.<br /><br />It said its debt had fallen by &pound;108m to &pound;1.4bn by the end of June and that cost-cutting would save just under &pound;200m this year. It has also decided to sell its Belgian, Slovakian and Czech businesses as a result of a review.<br /><br />&ldquo;It is too early to call as to when businesses will recover &ndash; the picture is different depending on your sector and geography,&rdquo; said finance director Steve Webster. <br /><br />Wolseley&rsquo;s new chief executive Ian Meakins replaced Chip Hornsby this month after a tough year.