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Ferguson Q1 Trading Profit, Revenue Up; FY20 View Remains Unchanged

Ferguson PLC (FERG.L, FERGY, WOSCF), a specialist distributor of plumbing and heating products, Tuesday reported that its first-quarter trading profit increased to $451 million from last year's $413 million.

Underlying trading profit was $433 million, up 4.8 percent from the previous year. Trading days were the same as last year. Gross margins were slightly lower at 29.7 percent in the quarter.

Revenue for the first quarter from ongoing businesses grew 5.3 percent to $5.21 billion from $4.95 billion a year ago, including 6.2 percent increase in the USA. Revenue was 5.4 percent ahead of last year at constant exchange rates and 2.5 percent ahead on an organic basis.

Looking ahead, Kevin Murphy, Group Chief Executive, said, "We expect to make further good progress in the year ahead. While US market growth is currently broadly flat we remain confident of outperforming our end markets and our order books support continued modest revenue growth in the months ahead. This strong focus on growth with continued cost and margin discipline gives us confidence in our expectations for the full year which remain unchanged."

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