Wolseley announced in March that it would be closing 15 branches and cutting a couple of hundred jobs in the UK, and now plans to step up its restructuring plan.
In its outlook, it said: We have committed to further restructuring in the UK and Europe, bringing the total expected costs for the full year to about £20m.
The company added that it was making good progress with its review of the UK business model, which is expected to be completed by August. Full-year profits, before restructuring costs, would be “in line” with analyst expectations, it added.
Ferguson, Wolseleys US business, reported like-for-like revenue growth of 5pc, but has also suffered from weak demand in the industrial market.
Chief executive Ian Meakins, who is…
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