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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Ferguson plc    WOS   JE00BJVNSS43

FERGUSON PLC

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Ferguson : Fiscal Year 2020 Pretax Profit Slipped Amid Pandemic; Plans Full US Listing -- Update

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09/29/2020 | 09:26am EDT

--Ferguson's fiscal 2020 profit fell despite a rise in revenue during the coronavirus pandemic

--The company reinstated dividends and its mergers and acquisitions program

--Timing of plans to demerge Wolseley are uncertain in the current economic climate, and plans for a full U.S. primary listing are set for early 2021

 

By Joe Hoppe

 

Ferguson PLC on Tuesday reported a 4.8% fall in pretax profit for fiscal 2020 during the coronavirus pandemic, declared a dividend, and said it would seek a full U.S. listing in early 2021.

The supplier of plumbing and heating products made a pretax profit of $1.26 billion for the year ended July 31 compared with $1.32 billion for fiscal 2019. The company attributed the fall to the effects of the pandemic.

Revenue was $21.82 billion compared with $22.01 billion in 2019.

Trading profit--one of the company's preferred metrics which excludes exceptional and other one-off items--was $1.60 billion compared with $1.53 billion the year before.

The board reinstated a dividend of 208.2 cents a share, flat on 2019, given its strong financial position and good prospects.

The timing of plans to spin off the company's Wolseley U.K. business by way of a demerger remain uncertain given the economic environment, and it is assessing other separation operations alongside progress toward the demerger, the company said.

Ferguson said it has appointed Bill Brundage as its new chief financial officer, effective from Nov. 1. Mr. Brundage is currently CFO of Ferguson Enterprises, a role he has held since March 2017.

The fundamental aspects of its business model remain attractive despite caution in its outlook for fiscal 2021 as a whole, given the uncertain nature of the virus, Ferguson said. Since the start of the new year, low-single-digit revenue growth has been generated in the U.S. in flat markets overall, Ferguson said. The company added that plans for a full U.S. primary listing are set to become effective in the first half of calendar 2021, after shareholder approval in July.

Ferguson also said it intends to resume its mergers and acquisitions program, funding selective bolt-on acquisition programs, though its $500 million share buyback program remains suspended.

Shares at 1309 GMT were up 490 pence, or 6.6%, at 7,906 pence.

 

Write to Joe Hoppe at joseph.hoppe@wsj.com

 


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Financials (USD)
Sales 2020 21 473 M - -
Net income 2020 958 M - -
Net Debt 2020 2 479 M - -
P/E ratio 2020 25,0x
Yield 2020 1,42%
Capitalization 23 690 M 23 713 M -
EV / Sales 2020 1,22x
EV / Sales 2021 1,17x
Nbr of Employees 34 000
Free-Float 99,0%
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Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 105,99 $
Last Close Price 105,95 $
Spread / Highest target 28,0%
Spread / Average Target 0,03%
Spread / Lowest Target -31,9%
EPS Revisions
Managers
NameTitle
Kevin M. Murphy Chief Executive Officer & Executive Director
Geoffrey Drabble Chairman
Mike Powell Chief Financial Officer & Executive Director
Mike Sajor Group Chief Information Officer
Tessa E. Bamford Independent Non-Executive Director
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