Ferguson 2018 Interim results
− Ongoing revenue 10.3% ahead of last year including organic growth of 7.4%.
− Gross margin of the ongoing business was 29.4%, 0.4% ahead of last year.
− Ongoing trading profit of $698 million, 15.0% ahead of last year.
− Statutory profit before tax after exceptional costs of $598 million, 7.6% ahead of last year.
− Net debt of $1.4 billion, 0.8x EBITDA.
− Interim dividend of 57.4 cents per share, an increase of 10%.
− Proposed $4 per share ($1 billion) special dividend and share consolidation.
− Ongoing share buyback to continue.
− Strong US organic revenue growth of 8.7% with continued market share gains.
− Good growth in improved Canadian markets.
− UK restructuring programme accelerated in challenging markets.
− Six acquisitions completed in the first half for total consideration of $116 million.
− Sale of Stark Group expected to complete at end of March 2018.