Wolseley accelerates restructuring as demand remains subdued

LONDON, June 1 (Reuters) - Heating and plumbing productssupplier Wolseley said its growth had slowed in recentweeks, reflecting subdued demand in some markets, and inresponse it would further restructure in Britain and Europe.

The company said like-for-like revenue growth since April30, the end of its third quarter, had slowed to 1 percent from2.8 percent in the previous three months.

It said total costs for restructuring for the year would nowbe about 20 million pounds ($29 million), but trading profit,excluding the additional costs, would be in line with marketexpectations.

Third-quarter trading profit grew 12.2 percent at constantexchange rates to 230 million pounds on revenue of 3.66 billion,up 5.9 percent on the same measure, it said on Wednesday.($1 = 0.6900 pounds) (Reporting by Paul Sandle; Editing by David Holmes)