Ferguson PLC Announces Results for the Year Ended July 31, 2021

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WOKINGHAM, United Kingdom / ACCESSWIRE / September 28, 2021 / Ferguson plc (LSE: FERG) (NYSE: FERG)

Results for the fiscal year ended July 31, 2021
STRONG GROWTH IN PROFITS DEMONSTRATE THE AGILITY OF OUR BUSINESS MODEL

million US dollars

2021

20201

Switch

Statutory financial results

Returned

22,792

19,940

+14.3

%

Profit before tax

1,891

1,292

+46.4

%

Total basic earnings per share

674.7c

427.5c

+57.8

%

Total ordinary dividend per share

239.4c

208.2c

+15.0

%

Alternative performance measures2

Gross margin

30.6%

30.0%

+0.6

%

Commercial profit

2 176

1,660

+31.1

%

Less impact of IFRS 16

(77)

(68)

Underlying business profit

2,099

1,592

+31.8

%

Overall earnings per share

688.1c

508.0c

+35.5

%

Adjusted EBITDA3

2 266

1760

+28.8

%

Net debt: Adjusted EBITDA4

0.6x

0.6x

Strong points

  • Revenue 14.3% higher than last year with accelerated market share gains.

  • Gross margins of 30.6% were 60 basis points higher than last year, mainly due to our ability to serve our customers while managing price inflation.

  • Good cost containment ensured strong underlying business profit of $ 2,099 million, up $ 507 million and significantly outpacing revenue growth, with pre-tax profit rising to $ 1,891 million.

  • Cash generation has been strong and the balance sheet remains strong with leverage of 0.6x.

  • Continued consolidation of our markets by investing $ 335 million in seven acquisitions.

  • $ 1.4 billion returned to shareholders during the year in the form of dividends and share buybacks.

  • Final dividend of 166.5c per share, bringing the total dividend to 239.4c per share, an increase of 15%.

  • New $ 1.0 billion share buyback announced today.

  • The UK divestiture was completed in January 2021 with operations now focused on North America.

  • Additional US listing on the NYSE established in March 2021. On track for shareholder voting on the US primary listing,
    Spring 2022.

  • Virtual Investor Day scheduled for December 9, 2021.

  1. The Group sold its activities in the United Kingdom on January 29, 2021. In accordance with IFRS requirements, the results for the United Kingdom have been reclassified as discontinued operations and the comparative results for the previous year have been restated.

  2. The Group uses alternative performance measures (“APM”), which are not defined or specified under IFRS, to provide additional useful information. These measures are not considered a substitute for IFRS measures and are consistent with how corporate performance is planned, presented and evaluated internally by management and the board. For more information on NPAs, including a description of our policy, objective, definitions and reconciliations with equivalent IFRS statutory measures, see note 2.

  3. Continuing operations only, excluding the impact of IFRS16. The contribution to Adjusted EBITDA from discontinued operations during the period was $ 57 million (2020 restated: $ 42 million).

  4. Net debt excludes lease payables and Adjusted EBITDA excludes the impact of IFRS 16. The leverage ratio uses last twelve months adjusted EBITDA for continuing and discontinued operations.

Kevin Murphy, group chief executive, said:

“We would like to express our sincere thanks to our 31,000 associates for their dedication and commitment, providing exceptional service and accelerated market share gains amid COVID-19 and global supply chain pressures. ‘industry. We are pleased with the growth in earnings which has significantly outpaced revenues. growth to generate robust operating leverage and margin, demonstrating the agility of our business model. Cash generation has been strong as we have continued to invest in the availability of inventory to serve our customers, while our balance sheet remains strong. We welcomed talented people from seven acquisitions as we continued to consolidate our fragmented markets.

“The Group started the new financial year with good momentum, with organic revenue growth at levels similar to those in Q4 2020/21. We expect a year of good growth overall, but we anticipate a deceleration in the second half of the year on more difficult comparisons from the previous year. We are aware that recent positive inflation-related winds on gross margins may ease, but for the full year ahead, we expect operational improvements to more than offset headwinds. cost base inflation. well positioned for a year of good growth and the Board continues to look to the medium term with confidence. “

For more information, please contact:

Ferguson plc

Brian Lantz, Vice President RI and Communications

Mobile:

+1 224 285 2410

Media inquiries

Mike Ward, Head of Corporate Communications

Mobile:

+44 (0) 7894 417060

Nina Coad, David Litterick (Brunswick)

Phone :

+44 (0) 20 7404 5959

Jonathan Doorley (Brunswick)

Phone :

+1 917 459 0419

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THE SOURCE: Ferguson SA

See the source version on accesswire.com:
https://www.accesswire.com/665791/Ferguson-PLC-Announces-Results-for-the-Year-Ended-July-31-2021

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