Ferguson’s parent company, Wolseley plc, a multinational distributor of plumbing and heating products to professional contractors, announced its financial results for the first half of the 2015 fiscal year.
Ferguson reported overall growth of 13 percent, increasing its revenue 11.7 percent on a like-for-like basis, which measures growth of Ferguson’s existing stores or branches that have been open for at least one year. Like-for-like growth was up from 6 percent for the same time period last year and 8 percent at 2014 fiscal year end. Acquisitions contributed 3 percent of additional revenue growth. Ferguson’s trading margin reached a record high of 7.9 percent, up from 7.7 percent at 2014 fiscal year end. Trading profit was 21.9 percent ahead of last year.
“Once again, our associates delivered an outstanding performance,” says Ferguson CEO Frank Roach. “Our focus on providing the best possible Ferguson experience to our customers nationwide drove record results.”
Ferguson gained market share in all of its businesses. The renovation, maintenance, improvement (RMI), residential new construction, commercial and industrial markets all continued to grow steadily. Ferguson’s blended branches (locations which serve both residential and commercial customers) continued to grow strongly across all significant regions from a combination of growing markets and good market share gains. The waterworks, industrial and B2C e-commerce businesses all grew very strongly during the first half, and Ferguson’s fire and fabrication and HVAC businesses also generated good growth.
The company closed six acquisitions in the first six months of the year, including Pollard Water, an online Waterworks business; Powell Pipe & Supply and McFarland Supply, both plumbing businesses; City Lights & Design, a lighting showroom; Global HVAC; and Ship Pac, a facilities maintenance packing business.