- Inflationary pressures both on commodities and finished goods
- Further $1bn of buybacks over the next 12 months
A booming US housing market provided solid foundations for heating and plumbing distributor Ferguson’s (FERG) full-year results as it finalises its shift towards North America. The group, which sold the last of its UK operations in January to become a solely US-focused player, earns 56 per cent of its revenue from serving the residential market. And the number of new homes started in the US during the first eight months of the year was up by around a quarter of the 2020 comparator, to an annualised rate of 1.62m, achieved despite labour and supply chain bottlenecks.