Ferguson finishes fiscal year nine percent ahead of last year
Parent company Wolseley plc reports year-end earnings for fiscal year 2011
NEWPORT NEWS, VA - 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 2011 fiscal year.
Despite sluggish market conditions, Ferguson ended the year with revenues of $8.8 billion, a nine percent increase in like for like sales over last year. This marks 16 consecutive months of positive like-for-like sales, which measures growth through Ferguson's existing stores or branches that have been open for at least one year. It does not include the impact of new locations, acquisitions or closures. All major business units generated growth due to resilience in the repair, maintenance, installation sector and commercial and industrial markets.
"Our success this year was a testament to the hard work of our associates," explained Ferguson CEO Frank Roach. "The last two years prove that we can adapt to any market conditions if we continue to be agile as a company and focus on providing world-class customer service to our customers."
Ferguson's blended branches, which service residential and commercial customers, showed solid revenue and market share growth throughout the year. The Industrial Pipes Valves and Fittings (PVF), and Heating, Ventilation and Air Conditioning (HVAC) businesses also made great strides during the year and continued to perform very well. The Industrial business in particular, benefited from a buoyant oil and gas sector. The Waterworks business was resilient despite a fall in state and municipal funded projects. The build.com consumer internet business grew strongly at margins consistent with the rest of the US business.
In the first half of the year, Ferguson completed a small Waterworks acquisition in Alabama. Since the year-end, Ferguson has also completed two further acquisitions including a PVF business in Louisiana and a plumbing business in Chicago. The company's trading margin was 5.7 percent, up from 4.6 percent in 2010.
For more information on Wolseley's year-end results, please visit www.wolseley.com