The building supplies retailer, which owns Wickes and Toolstation, recorded an 81% decline in profits year on year in the first half to £42m.

Revenues also dropped 20% to £2.79bn in the six months to June 30 and 19% on a like-for-like basis.

The retailer undertook a full restructuring of the business in June, including the closure of 165 of its stores, primarily in the trade merchant division reflecting a change in demand.