Ferguson continued to outperform the overall market in the five months ended December 31, 2008, despite encountering increasingly challenging new residential and RMI markets. However, revenue in U.S. dollars for this period was down 10% and underlying trading profit excluding property profits was down around 13%. During the five months prior to December 31, 2008, Ferguson benefited from the stability of the commercial and industrial market, although during December there were signs of certain segments of the market weakening due to continued scarcity of finance for projects.
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