Ferguson’s FY22/23 performance was slightly ahead of market expectations. The group’s organic sales came in at +1.5% yoy (vs consensus of +1.0%), led by the market share gains in the US segment. As expected, both the residential and non-residential businesses softened further. Adjusted operating profit was 2.7% ahead of consensus, with the margin at the top-end of management’s guidance. We believe the FY23/24 outlook is achievable and we will slightly raise our financial estimates. Positive reco ....
