Plumbing and heating products distributor Ferguson has posted soaring sales with price inflation driven by finished goods.
Adjusted net sales rose 31.8 per cent, results for the three months ended 31 January 2022 revealed on Tuesday.
Adjusted EBITDA also shot up 65.7 per cent in the period, with the firm anticipating “solid revenue growth” in the second half.
“Our associates delivered another excellent performance with continued market share gains and strong price realization while navigating industry supply chain pressures,” Kevin Murphy, group chief executive, said.
The firm pointed to its earnings growth outpacing revenue growth, which had generated “another quarter of strong operating leverage.”
Murphy added: “Our balance sheet is strong and we continue to return capital to shareholders through the ongoing share buy back program, which we are increasing by an additional $1.0bn.
“Markets remain supportive and we anticipate solid revenue growth in the second half as we begin to lap tougher comparatives. We continue to be mindful that first half tailwinds on gross margin will likely moderate but we are confident in our full year expectations.”