Building materials giant Wolseley has reported a 15% drop in turnover to £6.3bn for the six months to 31 January

The company made a pre-tax loss of £261m, which was up from its £464m loss for the same period in the previous year.

Under new chief executive Ian Meakins, who took over last June, the company reduced its debt pile by £49m to £910m over the six-month period.

A statement said: “The economic environment continues to provide limited visibility and demand is not consistent across our business units. Residential markets, including repair and maintenance, have broadly stabilised although we remain cautious due to credit conditions, levels of foreclosures and the unemployment rate. Commercial and industrial markets continue to decline, particularly in the US.”

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