|$m||H1 2020||H1 2019||Change|
|Statutory financial results|
|Profit before tax||640||679||(5.7%)|
|Basic earnings per share||206.7c||254.5c|
|Interim dividend per share||67.5c||63.1c||+7.0%|
|Alternative performance measures1|
|Ongoing gross margin||30.2%||30.2%|
|Ongoing trading profit||782||714||+9.5%|
|Less impact of IFRS16||(35)||-|
|Underlying trading profit||747||714||+4.6%|
|Headline earnings per share||245.7c||241.9c||+1.6%|
|Net debt : Adjusted EBITDA||1.1x||1.1x|
Kevin Murphy, Group Chief Executive, commented:
“Our focus has remained on serving our customers and making their projects more successful because they worked with Ferguson. Given the markets we serve remained flat we were pleased with our progress in the first half and we continued to generate above market revenue growth in the major US business units. This, alongside continued operational delivery including tight cost control, ensured we delivered robust trading profit growth and good cash generation.
“In response to the outbreak of the Coronavirus (COVID-19) in recent weeks the Company is taking steps to mitigate any potential impacts. We are following the guidance of governmental health agencies including the World Health Organization and the Center for Disease Control. Our immediate priority is safeguarding the health and wellbeing of our associates, supporting our business and customers and helping the communities in which we operate.
“Given the strength of our first half results, we had intended to confirm our full-year trading profit outlook for 2020. However, due to the dynamic situation unfolding with COVID-19 it is too early to understand its impact on current trading. Recent government actions to contain the spread of COVID-19 and societal reactions, alongside any potential actions we will take to mitigate them are not reflected in existing market forecasts and it is too early to quantify them. Ferguson remains well positioned for long-term success operating in attractive and fragmented markets with a robust business model and backed by a strong balance sheet and liquidity position.”
For further information please contact
Mike Powell, Group Chief Financial Officer
Tel:+44 (0) 118 9273800
Mark Fearon, Director of Corporate Communications and IR
Mobile:+44 (0) 7711 875070
Mike Ward, Head of Corporate Communications
Mobile:+44 (0) 7894 417060
Nina Coad, David Litterick (Brunswick)
Tel:+44 (0) 20 7404 5959
In light of current restrictions on travel as a result of Coronavirus (COVID-19) Ferguson has decided to change its usual Half Year Results presentation to a conference call. The call hosted by Kevin Murphy, Chief Executive and Mike Powell, Chief Financial Officer will commence at 11:00 UK time (07:00 US EST) today. The call will be recorded and available on our website after the event www.fergusonplc.com.
Dial in number
+44 (0)20 3936 2999
+1 646 664 1960
Ask for the Ferguson call quoting 007088.
To register for the webcast please click here.