CHARLIE CAMPBELL | LIBERUM CAPITAL
Sales growth in August and September was in line with Q4 and while the statement is somewhat cautious, this is general rather than specific. Ferguson’s like-for-likes have turned strongly positive and is clearly outperforming the market. We find the results reassuring and confirm our positive investment case.
CHRIS ALEXANDER | BNP PARIBAS
The group has seen a slowing in fourth quarter like-for-like sales growth to three per cent from the previous quarters up six per cent, and is the slowest rate of growth in the last five quarters. This may give some concern but is hardly unexpected given the deteriorating macro backdrop.
HOWARD SEYMOUR | NUMIS SECURITIES
Self-help has been the mantra of the management since their introduction to Wolseley, and results to date bear witness to the success of this strategy. Going forward, the uncertain outlook will obviously take its toll... but with self-help in place we remain convinced that growth initiatives will enable operational outperfomance in the US market especially.