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Wolseley said the economic outlook remains uncertain
Building and heating materials group Wolseley has announced plans to set up a new holding company in Switzerland in order to reduce its corporate tax bill.
The firm, which generates 81% of its revenues overseas, said the new company would help the group "achieve a competitive corporate tax rate".
Wolseley also reported revenues for the year to the end of July of £13.2bn, down from £14.4bn a year earlier.
However, losses were reduced to £328m from £766 a year ago.
"Demand across our markets remains mixed and the economic outlook continues to be unclear," said the group's chief executive Ian Meakins.
"Whilst we remain cautious about the outlook for our markets, we are confident that Wolseley will make good progress in the year ahead."
This article is from the BBC News website. ? British Broadcasting Corporation, The BBC is not responsible for the content of external internet sites.
Wolseley said the economic outlook remains uncertain Building and heating materials group Wolseley has announced plans to set up a new holding company in Switzerland in order to reduce its corporate tax bill.
The firm, which generates 81% of its revenues overseas, said the new company would help the group "achieve a competitive corporate tax rate".
Wolseley also reported revenues for the year to the end of July of £13.2bn, down from £14.4bn a year earlier.
However, losses were reduced to £328m from £766 a year ago.
"Demand across our markets remains mixed and the economic outlook continues to be unclear," said the group's chief executive Ian Meakins.
"Whilst we remain cautious about the outlook for our markets, we are confident that Wolseley will make good progress in the year ahead."
This article is from the BBC News website. ? British Broadcasting Corporation, The BBC is not responsible for the content of external internet sites.