Builders merchant chain Wolseley’s shares continued their tumble downwards today, falling to 294.25 this morning.
At the same time, housebuilder Persimmon joined Taylor Wimpey and Barratt in announcing huge job losses. Wolseley’s shares have fallen by 94.25p from close of trading on Friday June 27 to 10am this morning when they stood at 294.25.
Meanwhile, housebuilder Persimmon have announced that they have axed a total of 1,100 jobs since the start of the year in an attempt to cut costs as sales and margins continue to decline.
The company revealed that in the last six months it had been forced to cut jobs in order to reduce overheads as legal completions on homes fell 31%, and the average sale price slid to £181,500, compared to £189,255 last year.
Last week Taylor Wimpey and Barratt announced 1,900 job losses between them.