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Parent company Wolseley reports first-half earnings for fiscal year 2016.
Ferguson’s parent company Wolseley plc, announced its financial results for the first-half of the 2016 fiscal year.
Ferguson reported overall growth of 6.5 percent, increasing its revenue 4.3 percent 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. Acquisitions contributed 2.1 percent of additional revenue growth. The company’s trading margin was 7.9 percent, consistent with last year and trading profit was 5.5 percent ahead of last year.
Ferguson gained market share in all of its major businesses. Residential and commercial markets, both new construction and renovation, maintenance and improvement, grew steadily in the first-half.
So-called “blended branches” (locations serving both residential and commercial customers) grew across all regions from a combination of market growth and good market share gains. The B2C e-commerce business experienced strong growth, and Fire and Fabrication and HVAC both generated good growth with Waterworks growing more modestly against strong prior year comparatives.
Six acquisitions were completed in the first-half of fiscal year 2016. These included three regional fire and fabrication businesses: Central Pipe and Supply, Action Fire and Fab and Atlantic American. Ferguson also acquired Living Direct, an online appliance business, Renwes, an appliance retailer based in Orange County California and PCS Industries, a commercial MRO distributor based in Chicago, Ill.