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 2012 fiscal year.
Ferguson increased its revenue more than 10 percent, ending the year with sales of $9.7 billion. The company was eight percent ahead of last year on a like-for-like basis. As well, trading profits were ahead by 24 percent over last year.
“We gained market share in most of our major business units,” said Ferguson CEO Frank Roach. “The combination of having the best associates in the industry and providing world-class customer service continue to be key contributors to our performance. As well, we continue to see the benefits of business and geographic diversification which provides us with greater separation from economic conditions and lessens our exposure to the market’s cyclicality.”
The repair, maintenance, installation (RMI) segment remained resilient and the modest recovery in levels of new residential construction continued. Ferguson’s blended branches, which serve both residential and commercial customers, continued to grow well and gain market share. The Waterworks and Industrial businesses grew strongly though Industrial growth was restricted in the fourth quarter as demand weakened in the oil and gas sectors. The Heating, Ventilation and Air Conditioning (HVAC) business remained subdued due to the removal of government tax incentives last year.
Four acquisitions were completed in the year, two in the blended branches business and one in each of the waterworks and industrial businesses. Acquisitions accounted for 1.3 percent of revenue growth.
For more information on Wolseley’s year-end results, please visit www.wolseley.com.
Ferguson (www.ferguson.com) is the largest wholesale distributor of residential and commercial plumbing supplies and pipe, valves and fittings in the U.S. The company is also a major distributor of HVAC/R equipment, waterworks and industrial products and services. Founded in 1953 and headquartered in Newport News, Va., Ferguson has sales of $9.7 billion and approximately 17,500 associates in almost 1,300 locations. Ferguson and its subsidiaries serve customers in all 50 states, Puerto Rico, Mexico and the Caribbean. Ferguson is part of Wolseley plc (www.wolseley.com), which is listed on the London Stock Exchange (LSE: WOS) and on the FTSE 100 index of listed companies.