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...Ferguson Plc, formerly Wolseley plc, is a Switzerland-based holding company. The Company is engaged in the distribution of plumbing and heating products and building materials. The Company's segments include USA, UK, Nordics, and Canada and Central Europe. The Company operates seven business units in the United States, six of these mainly operate in the business to business (B2B) market with one operating in the business to consumer (B2C) market. The Company, through Wolseley UK, operates approximately three businesses in the B2B market and has over 737 branches covering the whole country. The Nordic region consists of five businesses that operate a total of approximately 256 branches across over four countries, supported by approximately five distribution centers. The Company's businesses serve residential repair, maintenance and improvement (RMI) and new construction markets. Ferguson Enterprises, Inc (Ferguson) is the Company's primary brand in the USA segment.
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