8th Dec 2020 09:15
(Alliance News) - Ferguson PLC on Tuesday said it delivered a resilient performance in the first quarter of financial 2021, resulting in its expectations for the new financial year remaining unchanged.
For the three months to October 31, the Anglo-American plumbing and heating products distributor's revenue was USD5.37 billion, up 3.1% from USD5.21 billion in the first quarter in financial 2020. Its trading profit was USD504 million, up 12% from USD451 million year-on-year.
Ferguson reported first quarter gross margins of 29.6%, which was down 0.1 of a percentage point from last year due to product mix. However, the company said operating costs continued to be well controlled, which led to a good overall trading performance.
Ferguson declared a dividend of 208.2 cents per share, up 43% from 145.1 pence a year prior.
"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 financial 2021 are unchanged," said Chief Executive Kevin Murphy.
Shares in Ferguson were up 1.7% at 8,620.00 pence in London on Tuesday.
By Zoe Wickens; [email protected]
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