Wolseley reported H1 FY16/17 results (ending 31 January 2017) ahead of our estimates and market consensus. Organic revenue increased by 3.2% (Q2: +4.8%, Q1: +1.8%; our estimate: +2.2%), largely driven by a good performance in the US – strong residential/commercial activity and a gradual improvement in the industrial market – (Q2: +6.7%, Q1: +4.2%; our estimate: +4.5%; c.68% of group revenue). The UK business also returned to positive territory (Q2: +3.6%, Q1: -2.9%; our estimate:
06 Jun 2017
Strong results; US remains the growth engine
Sign up to access
Get access to our full offering from over 30 providers
Get access to our full offering from over 30 providers
Strong results; US remains the growth engine
Ferguson Plc (FERG:LON) | 16,950 -28815 (-1.0%) | Mkt Cap: 34,377m
- Published:
06 Jun 2017 -
Author:
Nishant Choudhary -
Pages:
4
Wolseley reported H1 FY16/17 results (ending 31 January 2017) ahead of our estimates and market consensus. Organic revenue increased by 3.2% (Q2: +4.8%, Q1: +1.8%; our estimate: +2.2%), largely driven by a good performance in the US – strong residential/commercial activity and a gradual improvement in the industrial market – (Q2: +6.7%, Q1: +4.2%; our estimate: +4.5%; c.68% of group revenue). The UK business also returned to positive territory (Q2: +3.6%, Q1: -2.9%; our estimate: