Irish construction 'depressed' - Wolseley

British building supplies company Wolseley, which operates the Brooks, Tubs and Tiles and Heat Merchants chains here, has said Ireland, the UK and Nordic countries have shown sharper levels of decline than the rest of Europe.

In a trading statement for the nine month period to the end of April, the company said revenues were flat at £12.1 billion, but down 15 per cent on a constant currency basis.

Its trading profits fell 58 per cent to £189 million and pretax profit, before exceptionals, amortisation and impairments was down 80 per cent at £80 million, or 88 per cent in constant currency.

It described the Irish construction market as “severely depressed” with activity levels over 70 per cent lower than at the same period a year ago.

It said revenues for the UK and Ireland decreased by 15 per cent during the nine months to April 30th, while trading profit was 75 per cent lower.

The company, which cut 180 jobs from its Irish operations earlier this year, said it expects overall market conditions to continue to deteriorate in the short-term and to remain challenging until “at least” early 2010.