Ferguson’s revenue grew 8% overall and 6.2% ahead of last year on a like-for-like (or same store growth) basis. Trading profit also was ahead by 15.2% compared to last year and trading margin was 7.5%, up from 7.0% for the same period last year.
“Our associates delivered a good performance for the first half,” Ferguson CEO Frank Roach said. “Our collective focus on world-class customer service resulted in strong growth and market outperformance.”
The company noted its repair, maintenance, improvement segment remained resilient and the recovery in new construction continued.
Ferguson reported continued good growth in its blended branches (locations which serve both residential and commercial customers), while its waterworks and fire and fabrication businesses grew strongly as the commercial market recovered. The company added its HVAC business also grew with solid improvement in gross margins and profitability.
During the first half Ferguson made one acquisition in Karl’s Appliance, an appliance dealer in northern New Jersey with six locations.
In the first half, Ferguson opened 18 new branches, principally in the blended branches and industrial business categories, and added talent to its workforce.
For more information on Wolseley’s first-half results, please visit www.wolseley.com.