Building materials giant Wolseley has blamed the global slide in the construction market for its heavy annual loss.
The company posted a pre-tax loss of £766m in 2009 as a result of large restructuring costs and goodwill writedowns.
Turnover at the company fell 2.5% from £14.8bn to £14.4bn for the year to July 31.
The restructuring costs relate to the more than 10,000 jobs Wolseley has cut during the year and the closure of 653 branches.
In the UK and Ireland, trading profit fell by 69% from £176m to £55m and turnover fell 15.8% from £3.2bn to £2.7bn.
On a positive note, the company said it had reduced debt by £1.5bn to £959m following a £1bn rights issue in March.
Ian Meakins, who succeeded Chip Hornsby as chief executive in June, said: “Our final results reflect the harsh impact of the economic downturn on the construction industry and consequently Wolseley’s business.”
He added: “Overall, we remain cautious as to the outlook for our markets in financial year 2010, although profit trends in the second half are expected to improve.”
