Building materials group Wolseley has reported an annual loss because of the continuing woes in the housing market.

The company announced a pre-tax loss for the year to 31 July of £766m ($1.2bn), compared with a profit of £399m last year.

Although some of the losses were due to restructuring cost, (14,000 jobs were shed worldwide to cut costs), the construction industry continues to be has been one of the hardest hit by during the recession.

Hopefully, the next 12 months will see a turn around in the housing market and in of Wolseley.