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Ferguson increases its 2018 interin dividend by 10% and will pay a special with share consolidation.

Investment Tools Ltd.
Ferguson increases its 2018 interin dividend by 10% and will pay a special with share consolidation.

Ferguson 2018 Interim results

Financial highlights

− 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.

Operating highlights

− 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.

Companies mentioned

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