Pre-tax profit at building materials giant Wolseley has plummeted 60% to 拢233m over the past year and it warned that its markets will 鈥渃ontinue to deteriorate鈥�

In a trading update for the 11 months to 30 June, the company said turnover was down 16% in constant currency to 拢13.3bn (1.5% lower taking into account exchange rate fluctuations).

However, it pointed to signs of stabilisation in the new homes market and said the repair, maintenance and improvement market would decline at a slower rate.

Turnover in the UK and Ireland fell more than 15% in the 11 months and trading profit was about 75% down on last year.

Since 30 April it has reduced net debt by 拢108m to 拢1.4bn and expects a further reduction in July.

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