Ferguson FY Pre-tax Profit Down; Appoints Bill Brundage As CFO

Ferguson FY Pre-tax Profit Down; Appoints Bill Brundage As CFO

September 29, 2020

Ferguson Plc. (FERG.L, FERGY, WOSCF), a specialist distributor of plumbing and heating products, reported that its profit before tax for the year ended July 31, 2020 declined to $1.26 billion from $1.32 billion in the prior year.

Profit attributable to shareholders for the year decreased to $961 million or 423.5 cents per share from last year’s $1.11 billion or 477.8 cents per share due principally to a higher tax rate, arising from previously announced tax reform, in the current year and exceptional disposal gains in the prior year.

Headline earnings per share decreased 1.1% to 511.6 cents from the prior year mainly due to a higher effective tax rate from previously announced tax reform.

Ongoing underlying trading profit was $1.595 billion, 4.1% ahead of last year as the actions on costs contained the profit reduction from lower revenue in the second half.

Revenue was $21.82 billion down 0.9% from last year and the prior year comparator included revenue of $239 million for businesses sold in 2019.

The company said it remains cautious on the outlook for the year as a whole. The business is in good shape and well prepared to address any further market related disruption.

In a separate press release, Ferguson said that it has appointed Bill Brundage as Chief Financial Officer and an Executive Director, effective from November 1, 2020. Bill succeeds Mike Powell, who will step down as Group CFO and an Executive Director on October 31, 2020, allowing for an orderly handover of responsibilities.

Bill is currently CFO of Ferguson Enterprises a position he has held since March 2017.

Bill has more than 17 years of experience in a variety of senior finance roles at Ferguson Enterprises. In 2008, he was appointed as Vice President of Finance, a position he held until his promotion to Senior Vice President of Finance in 2016. Previously, Bill spent five years at PricewaterhouseCoopers in the US as a senior associate and is a certified public accountant.

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