Wolseley, distributor of plumbing and heating products to professional contractors and a leading supplier of building materials, has announced it is to cut more than 2,000 jobs and to shut down 200 of its branches in the UK and Ireland.

The Reading based firm, which trades as Plumb Center and Build Center, blamed a further deterioration in the trading environment particularly in the UK.

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Pre-tax profits for the year to 31 July fell to £145m compared to £634m last year.

The group is expected to make the job cuts over the next few months.

Chip Hornsby, Group Chief Executive of Wolseley, said: "While these results reflect a further deterioration in the business environment in the first quarter it was not unexpected, and, we continue to react swiftly to market conditions with aggressive but measured cost reduction. In these unprecedented circumstances, the key priorities remain driving cost reduction and enhancing cash flow to ensure the Group remains compliant with its banking covenants."

(CD/JM)