Ferguson reported FY16/17 results (ended 31 July 2017) ahead of our estimates. Lfl revenue increased 6.0% (Q4: +8.1%, Q3: +7.1%; vs our estimate: +4.3%), largely due to a strong performance in the US and Canada & Central Europe. Robust consumer demand in the US residential and commercial segments resulted in market share gains in the region (7.1% lfl growth vs our estimate: +5.5%; contributed c.80% to the group’s revenue). Canada & Central Europe also witnessed improved trading
