Ferguson PLC, Wokingham, United Kingdom, reported sales of $21.8 billion for fiscal year 2020 ended July 31, down 0.9% compared to fiscal year 2019. Profit of $1.3 billion marked a 4.8% decrease from the year-ago period.
The company said ongoing revenue was 2% ahead of last year with continued market share gains in the U.S. The U.S. saw revenue growth of 2.7% and underlying trading profit growth of 5.2%.
Ferguson had invested $351 million in six acquisitions during the fiscal year before pausing activity in March due to the COVID-19 crisis.
“We have delivered a strong performance in 2020, which given the global pandemic has highlighted the resilience of our business model,” said Kevin Murphy, group CEO. “Early in the crisis we moved decisively to protect the health and wellbeing of our associates while continuing to serve our customers supporting critical infrastructure. We have rapidly adjusted our ways of working to adapt to this new operating reality while taking action to lower the cost base. We have also managed working capital and capital expenditure which alongside the strong profit delivery has led to an excellent cash performance.”