Ferguson increased its revenue more than 10%, ending the year with sales of $11.6 billion, up from $10.6 billion last year. The company was 8% ahead of last year 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.
As well, trading profits were ahead 16% over last year. Ferguson’s trading margin reached a record-high of 7.7%.
“We had a wonderful performance this past year,” Ferguson CEO Frank Roach said. “Our associates did it again through their hard work, dedication and focus. You can have great plans and a great execution template, but if you don’t have the right people that can drive this kind of performance, it’s not possible.”
The renovation, maintenance and improvement market continued to grow steadily for the company while growth in the new residential market remained modest. The commercial segment was more positive. Blended branches (Ferguson locations that serve both residential and commercial customers) continued to grow strongly across all regions of the U.S., benefiting from growing markets and also good market- share gains. Waterworks grew strongly, also gaining market share, as did Ferguson’s fire and fabrication business. The HVAC, Industrial pipe, valves and fittings and B2C business units all generated good growth, the company reported.
Four acquisitions were completed in the year and seven new Ferguson branches were opened. A total of 24 new locations were added through acquisitions.
For more information on Wolseley’s year-end results, visit www.wolseley.com.