Ferguson's 1H18 Shows Cyclical Tailwinds From U.S. Construction Market Lasting Longer Than Expected
The U.S. drove a robust first half for Ferguson, with volume, rather than price, boosting 7.4% group organic revenue growth, and the cyclical upswing in U.S. construction lasting longer than we expected. U.S. residential new construction and remodelling are the largest end markets for Ferguson, providing around one third of its group revenue. The U.S. Case-Shiller Home Price Index, which tracks 20 of the largest US housing markets, is at peak levels last seen in 2006. Year-over-year growth gener...
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