Ferguson reports overall revenue growth of 13%
Parent company Wolseley plc reports first-half earnings for fiscal 2015.
Ferguson Enterprises’ parent company Wolseley plc announced its financial results for the first-half of the 2015 fiscal year. Ferguson reported overall growth of 13%, increasing its revenue 11.7% 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% for the same time period last year and 8% at 2014 fiscal year end. Acquisitions contributed 3% of additional revenue growth. Ferguson’s trading margin reached a record high of 7.9%, up from 7.7% at 2014 fiscal year end. Trading profit was 21.9% ahead of last year.
“Once again, our associates delivered an outstanding performance,” Ferguson CEO Frank Roach said. “Our focus on providing the best possible Ferguson experience to our customers nationwide drove record results.”
Ferguson reported that it gained market share in all its businesses. The renovation, maintenance, improvement (RMI), residential new construction, commercial and industrial markets all continued to grow steadily, the company stated.
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, it said. Additionally, Ferguson reported its waterworks, industrial and B2C e-commerce businesses all grew very strongly during the first half, while its 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.