Wolseley, the plumbing and building materials group, has cut 3,500 more jobs globally and trimmed capital expenditure after its markets round the world weakened further in March and April.

Delivering results for the nine months to 30 April, Wolseley said trading profits – defined as profits before exceptional items and the amortisation and impairment of acquired intangibles – had tumbled 80 per cent to £72m, or 88% on a constant currency basis.

Wolseley shares fell 18%, or 223p, to close at £10.05.

Financial Times, The Times