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British building supplies company Wolseley Plc posted an 80 percent drop in nine-monthly pretax profit on Thursday and warned it sees no sign of recovery this year, sending its shares down as much as 16 percent.

"We really don't see anything positive at all in the balance of this calendar year," Chief Executive Chip Hornsby said on a conference call. Any signs of the slump bottoming out will not be seen until the second quarter of 2010, he added.

The plumbers and builders merchant has been battered by the downturn in key markets and said it had cut thousands of jobs in the third quarter, with more to come as it battles the effects of the construction slump.- Source (Reuters)