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Ferguson resumes dividend, but profit falls on pandemic impact; appoints new CFO

By BFN News | 07:22 AM | Tuesday 29 September, 2020


Plumbing company Ferguson resumed its dividend, citing a 'strong' financial position, even as it reported a fall annual profit pinned on the pandemic. The company also announced that Bill Brundage, the current chief financial officer of Ferguson Enterprises, would succeed Mike Powell as CFO on November 1. For the year ended 31 July, pre-tax profit fell 4.8% to $1.3 billion year-on-year as revenue slipped 0.9% to $22 billion. Ferguson said it grew trading profit ahead of revenue despite lockdowns in the second half. Taking into account its prospects and financial position, the company said it restored its dividend the same level as 2018/19 of 208.2 cents per share. 'Since the start of the new financial year Ferguson has generated low single digit revenue growth in the US in flat markets overall,' Ferguson said. 'While we remain cautious on the outlook for the year as a whole, the business is in good shape and well prepared to address any further market related disruption.' Story provided by StockMarketWire.com

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