Strong US markets boost Ferguson profit

Plumbing and heating products distributor Ferguson, formerly Wolseley, posted a 17.1% jump in third-quarter trading profit on Tuesday thanks to strong US residential markets. In the three months to 30 April, trading profit rose to $356m on revenue of $5.08bn, up 10.2% on the same period a year ago. Meanwhile, gross margins continued to improve, up 40 basis points to 29.3%. Revenue in the US business was up 11.5% at constant exchange rates to $4.1bn, while trading profit rose 20.8% to $334m. ...

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