Ferguson increased its revenue more than 10 percent, ending the year with sales of $11.6 billion, up from $10.6 billion last year. The company was eight percent ahead of last year on a like-for-like basis, which measures growth of Ferguson’s existing stores or branches that have been open for at least one year. As well, trading profits were ahead 16 percent over last year. Ferguson’s trading margin reached a record high of 7.7 percent.
“We had a wonderful performance this past year,” said Ferguson CEO Frank Roach. “Our associates did it again through their hard work, dedication and focus. You can have great plans and a great execution template, but if you don’t have the right people who can drive this kind of performance, it’s not possible.”
The renovation, maintenance and improvement (RMI) market continued to grow steadily while growth in the new residential market remained modest. The commercial segment was more positive. Blended branches (Ferguson locations that serve both residential and commercial customers) continued to grow strongly across all regions of the U.S. benefiting from growing markets and also good market share gains. Waterworks grew very strongly, also gaining market share, as did Ferguson’s Fire and Fabrication business. The HVAC, Industrial pipe, valves and fittings (PVF) and B2C business units all generated good growth.
Four acquisitions were completed in the year and seven new branches were opened; 24 new locations were added through acquisitions.