Ferguson has announced its financial results for Q2 for fiscal year 2023, which includes a sales growth of 4.9%.

Kevin Murphy, Ferguson CEO, commented, "The year is unfolding as we expected and our associates continue to deliver solid results by leveraging our scale and core strengths to help our customers deliver their complex projects. We continue to appropriately manage costs to position the business for challenging end markets. Importantly, working capital management led to strong cash generation which enables us to continue investing for organic growth, consolidating our fragmented markets through acquisitions and returning capital to shareholders.

"Looking forward, our balanced exposure to both residential and non-residential end markets, combined with an agile business model, positions us well for near-term uncertainties. Our financial guidance continues to reflect market outperformance, both organically and from acquisitions, and we believe our scale and advantaged platform position us to capture growth from emerging structural trends in our end markets."

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