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In the US, Ferguson Enterprises ended the year with sales of $16.7 billion, an increase of 11.3 percent. Trading profit was 16.9 percent ahead of last year, and trading margin was 8.4 percent. The company grew 9.9 percent on an organic basis, with an additional 1.4 percent coming from acquisitions.

Ferguson’s blended branches (locations that serve a mix of residential and commercial customers), Waterworks, HVAC and Fire and Fabrication had good growth and increased market share. Industrial grew strongly, benefiting from two large one-off projects.

“Ferguson’s strong performance is the result of our focused strategy that balances short-term delivery with long-term investment,” said CEO Kevin Murphy. “Our associates continuously demonstrate Ferguson’s value to our customers each and every day, and it’s reflected in our performance.”

Ferguson closed on nine acquisitions last fiscal year and has completed four acquisitions in fiscal year 2019, which began August 1. The company also launched Ferguson Ventures, a new Corporate Venture
Capital (CVC) and strategic partnering arm of the business focused innovation and disruption.

Read more about Ferguson plc’s year-end results.