Ferguson’s parent company, Wolseley plc, the world’s largest specialist trade distributor of plumbing and heating products to professional contractors, announced its financial results for the first-half of the 2013 fiscal year. Ferguson’s like-for-like (or same store) sales growth was 8.3 percent, including price inflation of approximately 1 percent. Trading profit was 29 percent ahead of last year.
“We are proud to celebrate our 60th anniversary this year with solid growth and a diversified business strategy that allows us to invest in our associates and the future of our company,” says Ferguson CEO Frank Roach.
The repair, maintenance, improvement (RMI) segment remained resilient and the recovery in new construction continued. Ferguson’s Blended Branches (locations which serve both residential and commercial customers), Waterworks and B2C continued to gain market share. The ongoing focus on gross margins contributed to good profit flow through and the company grew revenues in its Heating, Ventilation and Air Conditioning (HVAC) business as well as their waterworks and industrial businesses.
Two high quality acquisitions were completed in the first half. Davis & Warshow is a blended branch business in New York and and Power Equipment Direct is a B2C business selling generators and power tools based in Chicago. Acquisitions accounted for 2.4 percent of revenue growth in the period.
Ferguson has nine locations throughout West Virginia. For more information on Wolseley’s first-half results, please visit www.wolseley.com.
