Plus   Neg

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."

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Polaris Industries Inc. is recalling certain Ranger and General Utility, as well as All-Terrain vehicles citing risks of crash, the U.S. Consumer Product Safety Commission said in a statement. The Medina, Minnesota-based company has called back about 26,730 units of Model Year 2019 - 2020 Ranger XP 1000 & Model Year 2020 General XP 1000 Utility vehicles. Gilead Sciences Inc. (GILD) said Friday that the European Commission has granted conditional marketing authorization for Veklury or remdesivir as a treatment for SARS-CoV-2 infection, the virus that causes COVID-19. FedEx is asking NFL team Washington Redskins to change its name for its racist connotations. The delivery services company, which is a major sponsor for the team, made the suggestion following increasing pressure from its investors amid the ongoing protests against racial injustice and inequality that arose from the killing of African-American George Floyd.
Follow RTT