Materials supplier says revenue is down 13% and trading profit down 28%, and it expects markets to deteriorate over the short term

Building materials supplier Wolseley said it expected commercial and industrial markets to deteriorate over the short term in it three-monthly results ending 31 October. However, the firm said it through residential and RMI markets would stabilise.

Wolseley said its trading performance was in line with management expectations set out in its full year results announced in September.

The firm said that revenue from continuing operations was down 13% to £3,395m and trading profit from continuing operations down by 41% to £104m from the three months in the previous year. Its underlying trading profit was down 28%.

Net debt increased from 31 July 2009 to £1,223m. This was primarily due to seasonality of working capital, Wolseley said.