Ferguson parent company Wolseley plc announced its financial results for the first-half of the 2014 fiscal year. Ferguson’s revenue grew 8 percent overall and 6.2 percent ahead of last year on a like-for-like (or same store growth) basis. Trading profit was also ahead by 15.2 percent compared to last year and trading margin was 7.5 percent, up from 7 percent for the same period last year.
“Our associates delivered a good performance for the first half,” said Ferguson CEO Frank Roach. “Our collective focus on world-class customer service resulted in strong growth and market outperformance.”
The repair, maintenance, improvement (RMI) segment remained resilient and the recovery in new construction continued. There was continued good growth in Ferguson’s Blended Branches (locations which serve both residential and commercial customers), and the company’s Waterworks and Fire and Fabrication businesses grew strongly as the commercial market recovered. The HVAC business also grew well with solid improvement in gross margins and profitability. One acquisition was completed in the first half of the 2014 fiscal year. Karl’s Appliance is an appliance dealer in Northern New Jersey with six locations. Ferguson opened 18 new branches, principally in the Blended Branches and Industrial businesses, and added talent to its workforce.