Ferguson’s revenue is up by 10 percent for 2013
- October 2, 2013
Ferguson, a wholesale distributor of plumbing supplies in Newport News, said Wednesday that it increased revenue by more than 10 percent, ending the fiscal 2013 year with sales of $10.6 billion.
The company, a division of England-based Wolseley plc, was 8 percent ahead of last year on a like-for-like basis. That measures growth of Ferguson’s existing stores or branches that have been open for at least one year.
“I am so proud of what we accomplished in our 60th year of business,” Ferguson CEO Frank Roach, said in a statement. “We had a record performance in an economy that provided us with little growth opportunity. Our success was the culmination of many things including a consistent business strategy, our commitment to providing world-class customer service and the hard work of our associates.”
Ferguson’s major business units of Blended Branches, Waterworks and Heating, Ventilation and Air-Conditioning (HVAC) gained market share. New construction markets, which drive a smaller proportion of revenues, also improved.
Ferguson said its consumer Internet business, Build.com, continued to grow strongly and generated attractive returns.
Three acquisitions were completed during the year that accounted for 2.4 percent of revenue growth. Plus, Ferguson opened 54 new branches, principally in the Waterworks and Industrial segments.
As part of its 60th anniversary celebration earlier this year, more than 225 Ferguson locations participated in the company's nationwide "60 Days of Caring" campaign, providing about 20,000 pounds of food to 101 different non-profit organizations throughout the U.S.