FERG Ferguson Plc

By Sabela Ojea

Ferguson PLC reported on Tuesday a rise in pretax profit for fiscal 2021 and said that, even though it expects its current financial year to be strong, it also anticipates a tapering in the second half on tougher comparatives.

The supplier of plumbing and heating products posted a pretax profit for the year ended July 31 of $1.89 billion compared with $1.29 billion for the same period a year earlier.

Revenue increased to $22.79 billion from $19.94 billion for the year prior. Revenue had been expected at $22.51 billion, according to a company-compiled consensus.

Organic revenue grew 24% in the fourth quarter, the company said.

Trading profit--one of the company's preferred metrics, which excludes exceptional and other one-off items--stood at $2.18 billion, up from $1.66 billion. It had been anticipated to be $2.10 billion, according to the company-provided consensus.

The board raised its dividend 15% to 239.4 cents.

"Given the strong momentum in the business and the agility of our business model, we are well positioned to have a year of good growth and the board continues to look forward to the medium term with confidence," Chief Executive Kevin Murphy said.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

September 28, 2021 02:37 ET (06:37 GMT)

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