2nd Oct 2019 09:14
(Alliance News) - Plumbing and heating products company Ferguson PLC on Wednesday said it will launch a USD500.0 million share buyback programme with an initial GBP120.0 million tranche.
The FTSE 100-listed firm said the purpose of the scheme is to reduce capital. It also may use the repurchased shares to satisfy employee share options.
Ferguson said the GBP120.0 million first tranche of the programme will be conducted by JP Morgan Securities PLC.
On Tuesday, Ferguson reported earnings for its recently ended financial year that beat market expectations. Pretax profit was USD1.32 billion, up 11% from USD1.19 billion the year before. This was on revenue that grew 6.1% to USD22.01 billion from USD20.75 billion.
The demerger of its US operations is "progressing well", the company added.
Shares in Ferguson were 1.0% lower at 6,126.00 pence each in London on Wednesday morning.
By Eric Cunha; [email protected]
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