Ferguson sees sales recover after coronavirus drop
Plumbing parts group Ferguson said it had seen trading improve steadily since the heights of coronavirus lockdown in April.
In a trading update, the FTSE 100 firm said that revenue in the period between May and July was down 3.6 per cent, compared to 15.6 per cent in April.
Shares in Ferguson rose 1.7 per cent in the morning’s trading.
The firm said that its online business had continued to grow well during the period, with revenues 30.4 per cent up on the previous year.
Since May, Ferguson said it had reopened all of its customer facing locations where it was safe to do so.
It is continuing to implement cost reduction measures across the businesses to ensure it is well positioned for the medium-term operating environment.
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Earlier this year Ferguson scrapped its dividend and suspended a $500m share buyback in order to save cash in the face of the pandemic.
Chief executive Kevin Murphy said: “Despite the challenges of COVID-19, our trading improved in the fourth quarter driven by the commitment of our associates to serve our customers and as we re-opened our counter and showroom locations.
“Safeguarding the health and wellbeing of our associates and customers remains critical and we continue to follow appropriate CDC guidelines.
“Our actions to reduce the cost base will ensure that the business is better positioned for the medium-term economic environment.
“Ferguson has a strong balance sheet with good liquidity and the Group remains well positioned to deliver consistent outperformance.”