Stock market training update: Wolsely profits 'fall 66 per cent'

News has emerged that profits at the building and plumbing group Wolseley have fallen by 66 per cent as a result of the economic downturn, something which has affected the business' share price on the stock market.

In early trading today (January 26th), shares in Wolsely fell by 17 per cent on the FTSE100 index of leading shares.

According to the Financial Times, trading profits for the five months up to dropped by nearly half (45 per cent).

Chip Hornsby, the group's chief executive, said he would continue to act "decisively and rapidly" in responding to the "unprecedented" economic conditions.

"In the meantime, and against this background of declining macro economic activity, we continue to implement the actions required to reduce cost and maximise cash," he commented.

Wolseley UK consists of a number of large suppliers providing goods and services to all areas of business.