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 7.0 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 out performance.”
According to the company, the repair, maintenance, improvement (RMI) segment remained resilient and the recovery in new construction continued. The report noted there was continued positive growth in Ferguson’s Blended Branches — locations which serve both residential and commercial customers. The company's Waterworks and Fire and Fabrication businesses grew strongly as the commercial market recovered. The HVAC business also grew well with improvement in gross margins and profitability.
One acquisition was completed in the first half. 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.