Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Plumbing company Ferguson resumed its dividend, citing a 'strong' financial position and reported a fall annual profit as actvity was held back by the impact of the pandemic.
The company also announced that Bill Brundage current chief financial officer of Ferguson Enterprises, would succeed Mike Powell as CFO on November 1. Powell is set to step down at the end of October.
The company also said On an ongoing basis we delivered Group revenue growth and grew trading profit ahead of revenue despite lockdowns in the second half.
For the year ended 31 July, pre-tax profit fell 4.8% to $1.3 billion year-on-year and revenue slipped 0.9% to $22 billion.
Taking into account the group's prospects and strong financial position, the company restored the ordinary dividend to the same level as 2018/19 of 208.2 cents per share.
'Since the start of the new financial year Ferguson has generated low single digit revenue growth in the US in flat markets overall,' Ferguson said. 'While we remain cautious on the outlook for the year as a whole, the business is in good shape and well prepared to address any further market related disruption.'