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Troubled Wolseley promises trading statement

A key statement on potential job cuts and current performance is expected from heating and plumbing giant Wolseley this week.

The global supply firm will present its Pre-Close Period Trading Statement for the eleven months ended 30 June 2008 as speculation grows about the business.

Pressure is growing on the company due to deterirorating conditions in the house building market – particularly  in the United States, the UK and France.

The company’s shareprice is trading the lowest level for more than seven years with several high profile commentators  issuing “sell” recommendations.

Goldman Sachs predicted in June: “We expect all Wolseley’s end markets to deteriorate into financial year 2009, with greater pressure than we had previously thought in France and indicators for non-residential construction in the United States increasingly negative.”

The last trading statement by the company – which has been concentrating on cost cutting for the past year - was in May.

The May statement said the company is focusing on “cost reduction and cash flow enhancement” which includes the closure of 75 branches in the United States and 200 redundancies at US plumbing supplies subsidiary Ferguson.