Ferguson PLC, Wokingham, United Kingdom, reported sales of $5.4 billion for the first quarter of fiscal year 2021 ended Oct. 31, up 3.1% compared to the same quarter a year ago. Profit of $486 million marked a 12.2% increase from the year-ago period.
The company’s U.S. region saw revenue growth of 3.2% and underlying trading profit growth of 11.3%.
After pausing M&A due to the COVID-19 crisis, Ferguson resumed its acquisition activity with two deals in the quarter. Click here to read about those transactions.
“We are pleased with the revenue growth in the first quarter and today’s results further demonstrate the resilience of our business model,” said Kevin Murphy, group CEO. “We are firmly focused on revenue growth and continued market share gains at the same time as carefully controlling gross margins and costs. This approach has enabled us to deliver robust trading profit growth in the first quarter. Cash generation was good and our balance sheet remains strong. This has enabled us to continue to invest in the business including our technology platforms to drive the best digitally enabled customer relationships and a seamless omni-channel experience.
“Since the start of the second quarter Ferguson has continued to generate low single digit revenue growth in broadly flat markets although we remain cautious on the outlook for the year as a whole, considering current pandemic trends. Despite these potential headwinds the business is in very good shape and we are well prepared should there be any further market related disruption and overall management’s expectations for FY 2021 are unchanged.”