Ferguson revenues up 10%
Wolseley plc recently announced its financial results for the 2013 fiscal year.
Ferguson parent company Wolseley plc recently announced its financial results for the 2013 fiscal year.
Wolseley reported Ferguson, which is celebrating its 60th year in business in 2013, increased its revenue more than 10%, ending the year with sales of $10.6 billion. The company was 8% ahead of 2012 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.
Trading profits also were 27% ahead of last year. Ferguson’s trading margin reached a record high 7.3%, which was ahead of the previous peak achieved in 2007.
“I am so proud of what we accomplished in our 60th year of business,” Ferguson CEO Frank Roach said. “We had a record performance in an economy that provided us with little growth opportunity. Our success was the culmination of many things, including a consistent business strategy, our commitment to providing world-class customer service and the hard work of our associates.”
Ferguson’s major business units of blended branches, waterworks and HVAC gained market share. Blended branches continued to grow strongly across the country, underpinned by good renovation, maintenance and improvement markets. New construction markets, which drive a smaller proportion of revenues, also improved.
Three acquisitions were completed in the year, which accounted for 2.4% of revenue growth. The company opened 50 branches, principally in the waterworks and industrial segments.