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Ferguson lifts full-year profit forecast

Higher operating profit driven by strong sales and decent cost control
Ferguson lifts full-year profit forecast
  • Full-year adjusted operating profit forecast at $2.85bn-$2.95bn
  • Figure is 9 per cent higher than current consensus of $2.67bn

Heating and plumbing distributor Ferguson (FERG) upgraded its full-year adjusted operating profit forecast to around $2.9bn (£2.4bn) on the back of a 37 per cent uplift in third quarter (covering the three months to 30 April) operating profit.

While the US housing market is facing similar headwinds to the UK, as interest rates go up and homebuyers face steeper mortgage rates, Ferguson said demand from residential buyers "remained robust" in the period. Sales in this area were 20 per cent ahead of last year, although its non-residential arm in the country posted a 29 per cent increase.

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