Ferguson plcAnnual Report and Accounts 2020BetterwithFerguson
Ferguson plc Annual Report and Accounts 2020Welcome to FergusonFerguson plc is a leading value added distributorof plumbing and heating products.07Group Chief Executive’s Q&AKevin Murphy, our new Group ChiefExecutive, discusses his views on strategyand Ferguson’s response to COVID-19.04Chairman’s statement26–29Geoff Drabble reflects on ayear of substantial progress andconsiderable challenges.Financial reviewMike Powell, CFO, assesses the Group’sstrong and resilient performance this yearand continued financial strength.IFC–59Strategic report60–112GovernanceIFC Welcome to Ferguson20Key resources and relationships61Governance overview74Audit, risk and internal controlIFC Contents24Stakeholder engagement62Board of Directors81Directors’ Remuneration Report2Ferguson at a glance26Financial review6583Remuneration at a glance4Chairman’s statement30Regional performanceThe Board’s focusduring the year86Annual report on remuneration5Financial highlights48Sustainability66987Group Chief Executive’s Q&A532019 Remuneration Policy –for information only15Market overviewPrincipal risks andtheir managementHow the Board engageswith stakeholders67Division of responsibilities69Composition, successionand evaluation109 Directors’ Report –other disclosures71Nominations Committee16Key performance indicators(“KPIs”)18Our business model59Non-financialinformation statement
Better with FergusonOur purpose is to act as a trusted supplier and partnerto our customers, providing innovative productsand solutions to make their projects better. We offerexcellent service, advice and a broad range ofspecialist plumbing and heating products deliveredwhere and when our customers need them.Ferguson plc Annual Report and Accounts 202001The emergence of COVID-19 this year hasdemonstrated more than ever how our customersrely on us every day to help them deliver criticalinfrastructure spanning almost every stage ofresidential, commercial, industrial and municipaldevelopment. Whatever the future challenges, wewill continue to partner with our customers to keepmillions of homes and businesses operating whilehelping them to run their business more efficiently.FinancialsOther informationFor more information on our values and peoplePage 20Group income statement115Group statement ofcomprehensive income158 Independent auditor’s reportto the members of Ferguson plc168 Five-year summary164 Company income statement172 Shareholder information175 Group information116Group statement ofchanges in equity164 Company statementof changes in equity117Group balance sheet165 Company balance sheet118Group cash flow statement119Notes to the consolidatedfinancial statements166 Notes to the Companyfinancial statements170 Group companiesGovernance114168–176Other information176 Forward-looking statementsStrategic report113–167Financials
Ferguson plc Annual Report and Accounts 202002Ferguson at a glanceValue addeddistributorFerguson plc is a leading, value added distributor ofplumbing and heating products. Our business servescustomers principally in North America, predominantlyserving the repair, maintenance and improvement(“RMI”) markets.We serve nine customer groupsin the USA providing a broadrange of plumbing and heatingproducts and solutions.These are delivered through specialist salesassociates, counter service, showroomconsultants and e-commerce.Our business is organized by customerrequirements for strategic planningpurposes. In certain markets where it is moreefficient to do so, we serve our customersthrough a Blended Branches locationrather than a dedicated standalone branch.Blended Branches mainly comprises threeprincipal customer groups: Residential Trade,Residential Showroom and Commercial.Residential ShowroomResidential TradeOperates a national network of 256 showrooms,serving consumers and trade customers.Showrooms display bathroom, kitchen andlighting products and assist customers byproviding advice and project managementservices for their home improvement projects.Serves the residential RMI and new constructionsectors with a large proportion of sales through thebranch counters. It provides plumbing and sanitarysupplies, tools, repair parts and bathroom fixturesto plumbing contractors.15%19%of total US revenueof total US revenueFor more information on our customer groupsPages 30 to 45For more information on our marketsPage 15eBusinessHVACSells home improvement products directly toconsumers and trade customers online throughvarious websites. The primary brand is Build.comand the business creates synergies by using thesame distribution network as the trade businesses.Distributes heating, ventilation, air conditioning(“HVAC”) and refrigeration equipment, partsand supplies to specialist contractors in theresidential and commercial end markets for repairand replacement.8%10%of total US revenueof total US revenueGroupUK9%USA86%Canada UK2%1%USA97%Canada5%RevenueUnderlyingtrading profit11. This is an Alternative Performance Measure ("APM"); for further information on APMs, including a descriptionof our policy, purpose, definitions and reconciliations to equivalent IFRS statutory measures, see note 2 onpages 124 to 127. Underlying trading profit refers to continuing operations unless otherwise stated.
of total US revenue5%Fire and FabricationWaterworksIndustrialFabricates and supplies fire protection products,fire protection systems and bespoke fabricationservices to commercial contractors for newconstruction projects.Distributes pipe, valves and fittings (“PVF”),hydrants, meters and related water managementproducts alongside related services includingwater line tapping and pipe fusion often to civil ormunicipal organizations.Supplies PVF and industrial maintenance, repairand operations (“MRO”) specializing in deliveringautomation, instrumentation, engineered productsand turn-key solutions. Also provides supply chainmanagement solutions.of total US revenue18%7%of total US revenueof total US revenueUSACanadaUK (non-ongoing) 18,857m 1,083m 1,879mRevenue(2018/19: 18,358m)Revenue(2018/19: 1,191m)³Revenue(2018/19: 2,222m)⁴8.4%4.0%0.4%Underlying trading margin2(2018/19: 8.2%)Underlying trading margin2(2018/19: 5.6%)³Underlying trading margin2(2018/19: 3.1%)⁴4%of total US revenue2. See note 3 on pages 128 and 130 for further information on segmental metrics. The underlying tradingmargin is calculated as the underlying trading profit divided by revenue.3. Excludes Central European businesses, the last of which was sold in January 2019.4. Excludes soak.com, which was sold in March 2019.Other information14%FinancialsProvides products, services and solutions to enablereliable maintenance of commercial facilities acrossmultiple RMI markets including multi-family properties,government agencies, hospitality, educationand healthcare.GovernanceFacilities SupplyProvides commercial plumbing and mechanicalcontractors with products and services includingbidding and tendering support and timelineplanning to assist with their construction projects.Strategic reportCommercialFerguson plc Annual Report and Accounts 202003
Ferguson plc Annual Report and Accounts 202004Chairman’s statementNavigatingexceptionaltimes whileprotectingthe businessfor thelong termI am delighted to have been given theopportunity to join the Board of Fergusonas Chairman and what an extraordinarytime to have started in this role. As I joinedlast May I was struck by many qualitiesabout the business with its very strongcustomer-centric culture, the energy andcommitment of the Ferguson associatesand the excellent leadership team focusedon driving performance.The rapid, effective and caring responseto the COVID-19 pandemic, the impactof which began to be felt in March,has shone a light more than ever on thesequalities. Above all else this year,I have been struck by the unwaveringcommitment of Ferguson’s 34,000associates, who despite the challengesof the virus have steadfastly committedto keeping our customers running,many of whom provide critical serviceskeeping millions of homes and businessesfunctioning. On behalf of the Board I wouldlike to express our sincere thanks to themand recognize their outstanding contributionto our success.Over the past six months the ongoingimpact of COVID-19 has been significantand has had a profound impact on all ourlives and will do so for some time to come.As for all organizations, the pandemichas caused a significant shift in the wayFerguson operates and brings into playsignificant risks and challenges. We havean experienced management team thathas a strong track record of dealing withincidents and to tackle this crisis they haveset up response teams to ensure we keepthe core business operating and protectthe health and wellbeing of our colleaguesand customers.The Board receives regular updates fromthe Executive team on the provision ofcore services, how we are supportingcolleagues and the community, and themitigation of the risks to our business.You can read more about our response tothe COVID-19 pandemic in Kevin Murphy’sChief Executive’s review. The Board hasalso carefully considered and monitoredthe potential economic impacts ofCOVID-19, in particular financing andliquidity. Ferguson has a proven cashgenerative business model and enteredthis period of high uncertainty with a strongbalance sheet and significant liquidityheadroom. Mike Powell provides a detailedoverview of this in his Financial review onpages 26 to 29. Additional detail also canbe found in our viability statement on pages54 to 55 and our principal risks on pages53 to 59.“ Above all else this year, I have been struck by theunwavering commitment of Ferguson’s 34,000associates, who despite the challenges of the virushave steadfastly committed to keeping our customersrunning, many of whom provide critical serviceskeeping millions of homes and businesses functioning.”Geoff DrabbleChairman
Shareholder returns2019/20 has been a year of substantialprogress under the stewardship of KevinMurphy in his first year as Group ChiefExecutive, despite the impact of COVID-19.The Group has delivered a strong andresilient trading performance in particularlychallenging markets in the second half.As you will read in his Chief Executive’sQ&A on pages 7 to 14, Kevin has providedfresh impetus to the rapid execution of ourstrategy, in particular prioritizing investmentand focus on our largest growth opportunityin the USA.The Group generated ongoing revenue¹growth of 2.0 per cent to 19,940 million(2018/19: 19,549 million). Headline earningsper share¹ was 1.1 per cent lower at 511.6cents mainly due to a higher effectivetax rate from previously announced taxreform. Total basic earnings per share of427.5 cents was 11.2 per cent lower thanlast year due to increased exceptionaland amortization charges in the year andexceptional discontinued disposal gains inthe prior year. We delivered an excellentcash performance over the period which,at a time of great focus on the impact of thepandemic on the health of company balancesheets, underlines the strength of ourbusiness model.Since 2009, Ferguson’s investmentpriorities have remained firmly focused oninvesting in the business and consistentlygenerating above market organic growth.We also set out to maintain and grow theordinary dividend in line with earningsthrough the cycle and selectively investin bolt-on acquisitions that meet ourinvestment criteria. Any surplus cash aftermeeting these investment needs wasreturned to shareholders promptly and wehave returned over 4 billion in share buybacks and special dividends over the pasteight years.Given the uncertainty of COVID-19 ourstrong balance sheet has been a sourceof great strength as we have guided thebusiness through the early challenges of thepandemic. Initially we took prompt actionsto optimize cash flow, reducing capitalexpenditure and operating costs, and furtherimprove our liquidity position. This includedsuspending the 500 million share buy backannounced on February 4, 2020, pausingM&A activity, and after careful considerationwithdrawal of the interim dividend due forpayment in April 2020.However, we stated at the time that theBoard recognized the importance ofdividends to shareholders and, as such,intended to consider the appropriateness,quantum and timing of future dividendswhen the Board had a clearer viewof the effects of COVID-19 on theCompany’s business.Taking into account the Group’s prospectsand financial position; the Board hasdecided to propose a final dividend for theyear ended July 31, 2020 of 208.2 centswhich effectively reinstates the previouslywithdrawn interim dividend and is in linewith last year’s total dividend (2018/19: 208.2cents per share). The dividend will be paidon December 11, 2020 to shareholderson the register at November 13, 2020.Dividend payments in 2020/21 will revertback to the normal one-third: twothirds split between an interim and finaldividend. The Group’s dividend policyremains unchanged.We now intend to resume our focusedM&A program, funding selective bolton acquisitions to improve our marketleadership positions or expand thecapabilities of our existing business models.While Ferguson remains in a strong financialposition, in the light of continued economicuncertainty the Board believes that it isappropriate to preserve prudent levelsof funding and liquidity. As a result, thepreviously announced 500 million sharebuy back program remains suspendedand will continue to be assessed as wegain further clarity on economic conditions.At the point at which the share buy back wassuspended in April 2020 the Company hadcompleted 101 million of the program.Other informationFinancial performanceand strategyFerguson plc Annual Report and Accounts 202005Financial highlights 21,819m 1,261m427.5c208.2cRevenueProfit before tax(0.9%)(2018/19: 22,010m)(4.8%)(2018/19: 1,324m)Total basic earningsper shareTotal ordinary dividendper share(11.2%)(2018/19: 481.3c)In line with last year(2018/19: 208.2c)FinancialsStatutory financial results30.0% 1,595m511.6cOngoing revenue1Ongoing gross margin1Headline EPS1 2.0%(2018/19: 19,549m)In line with last year(2018/19: 30.0%)Ongoing underlyingtrading profit1 4.1%(2018/19: 1,532m)(1.1%)(2018/19: 517.4c)1. The Group uses Alternative Performance Measures (“APMs”), which are not defined or specified under International Financial Reporting Standards (“IFRS”), toprovide additional helpful information. These measures are not considered to be a substitute for IFRS measures and are consistent with how business performanceis planned, reported and assessed internally by management and the Board. For further information on APMs, including a description of our policy, purpose,definitions and reconciliations to equivalent IFRS statutory measures, see notes 2 and 3 on pages 124 to 130.Strategic report 19,940mGovernanceAlternative performance measures
Ferguson plc Annual Report and Accounts 202006Chairman’s statement (continued)Board changesI was pleased to join Ferguson as a NonExecutive Director on May 22, 2019 and tosucceed Gareth Davis as Chairman fromNovember 21, 2019. On behalf of the BoardI would like to thank Gareth for his strongleadership and commitment over the last16 years. He successfully oversaw a hugeamount of positive change over that periodand I am personally grateful to Garethfor the time and invaluable support hegenerously gave to me during my induction.John Martin stepped down as ChiefExecutive on November 19, 2019. John’scontribution to Ferguson has beenoutstanding for nearly a decade and heleft the business in great shape. The Boardwishes him well for the future. Kevin Murphysucceeded John as Chief Executive inNovember. Kevin, a US national, wasappointed CEO of Ferguson Enterprisesin the USA and joined the Board in August2017. He has a strong track record ofoperational delivery having previouslyserved as Chief Operating Officer ofFerguson Enterprises for 10 years afterjoining the business through an acquisitionof his family’s waterworks business MidwestPipe and Supply in 1999.Mike Powell will step down as ChiefFinancial Officer (CFO) on October 31,2020 in order to take up a role as GroupCFO of Mondi plc. As CFO for severalyears Mike also played a critical role inthe Group’s transformation to focus thebusiness on its attractive North Americanmarkets, and we wish him all the very best.Mike will be succeeded by Bill Brundage onNovember 1, 2020. Bill is currently CFO ofFerguson Enterprises and has over 17 year’sexperience in a variety of senior financeroles with the Company. In searching forMike’s successor, we conducted a rigorousreview of potential internal and externalcandidates and we were fortunate to havean internal candidate of such high caliberand experience in Bill. I would like tocongratulate him on his appointment.Darren Shapland also stepped down asa Non Executive Director on November21, 2019. The Board thanks him for hissignificant contribution to the Group overthe last six years. Darren’s responsibilitiesas Chairman of the Audit Committeewere taken on by Alan Murray, the SeniorIndependent Director. Alan, a US resident,is a chartered management accountantwith considerable financial, operationaland international experience within globalbusinesses including 19 years at Hansonplc, with five years as CEO.From my early interactions with the Boardthis year, it is evident that the Board andCommittees function well with high levelsof engagement from all members and anappropriate level of challenge and support.Details of the Board’s work, including thevarious Board Committees, is included inthe Governance report on pages 60 to 112.UK demergerIn September 2019, the Board announcedits intention to separate its Wolseley UKoperations by way of a demerger into anindependent UK listed company, subjectto shareholder approval. The timing of thisremains uncertain in the current economicenvironment and consequently the Boardis assessing other separation options inparallel with progress towards the demergerto facilitate the exit of the WolseleyUK business.Listing structureFerguson has been listed in Londonsince 1986. During this time the Grouphas benefited from a strong and diverseshareholder base that in recent yearshas been supportive of the Group’sgrowing focus on attractive opportunitiesin North America. This strategy has ledto an increasing proportion of revenuesbeing generated from North America overtime. The Board has therefore kept listingstructure under review over several years,as the business has evolved.Following the UK separation, Ferguson’sGroup CEO, CFO and operationalmanagement team will be based in NorthAmerica and the entirety of the Group’srevenue and profit will be generated there.In addition, there is a comparable set ofpeer companies listed in the USA, someof whom compete directly with Ferguson.These companies have a large domesticinvestor following and are typically coveredby a broad range of North American equityanalysts. Therefore, during the last yearthe Board, taking into account the viewsof shareholders and advisers, assesseda range of options and the associatedcosts and benefits of amending its listingstructure to allow greater access to NorthAmerican domestic capital.Following this assessment, the Boardconcluded that the USA is now the naturallong-term listing location for Ferguson. A USlisting will provide Ferguson with access tosignificant incremental pools of capital in thelargest domestic investment market in theworld and is fully aligned with the long-termstrategy and focus for the business.In February 2020 we announced a formalconsultation with institutional shareholderson two potential listing structures whichwould aim to facilitate greater NorthAmerican domestic investment in Ferguson.Option 1 was to seek shareholder approvalfor a secondary listing of ordinary shares inthe USA, with the primary listing remainingin London, and Option 2 was to seekshareholder approval for a primary listing inthe USA and demotion of the London listing.Throughout this process the Board hasbeen mindful of the importance of actingin the interests of shareholders as a whole,many of whom, in the event of a primary USlisting, have mandates restricting continuedlong-term ownership.Following the consultation, the Board,together with its advisers, carefullyconsidered the feedback received and inJuly 2020 sought shareholder approvalfor Option 1 to implement a secondarylisting of ordinary shares in the USA. At thesame time the Board also set out that indue course its intention is to put forward afurther resolution to Ferguson shareholdersto relocate Ferguson’s primary listing tothe USA.We were very pleased that shareholdersvoted in favor of the resolution and itreceived over 99 per cent support,significantly above the required 75 per centthreshold. We expect the new listing tobecome effective in the first half of calendaryear 2021. We believe that this two-stepprocess to transition to a full US primarylisting provides an appropriate periodduring which some Ferguson shareholderswho have mandates which may restrict theirlong-term ownership in Ferguson could selltheir holdings in an orderly manner.On behalf of the Board I would like to thankshareholders for their feedback and supportin this matter and in the coming years Ihave no doubt that Ferguson will benefitfrom having direct access to this significantincremental pool of capital in the USA.Looking aheadFerguson has made excellent progress thisyear on many fronts despite considerablechallenges. The Board is confident that theGroup has the right strategy, leadershipand culture to deliver on its full potential.Our consistent strong performance,together with continued rapid execution ofour strategy, ensures the Board continues tolook to the future with confidence.Geoff DrabbleChairman
Group Chief Executive’s Q&AThe COVID-19 pandemic has undoubtedly had a dramatic impact and continuesto affect almost every aspect of our business and personal lives. I want to start byrecognizing all of our extraordinary associates who have steadfastly continued tosupport our customers and make their projects more successful, in often very difficultcircumstances this year. From our fabricators, technicians and drivers, to our showroomconsultants and sales representatives to those working tirelessly on our counters,and in our warehouses and distribution centers, not to mention the many thousandsof associates now asked to perform their jobs remotely; they have all risen to thechallenge. During these extraordinary times we are incredibly thankful and proud ofwhat they continue to accomplish.Profit before tax decreased to 1,261 million(2018/19: 1,324 million) as a result ofslightly higher amortization, impairmentsand exceptional charges in the current yearwhile cash performance has been excellentin the year.Read more about our financial performanceKevin MurphyGroup Chief Executive OfficerPages 16 to 17 and 26 to 29FinancialsThe Group delivered a strong and resilientperformance in 2019/20 which wasparticularly important given the challengesof COVID-19 this year. Ongoing revenueof 19,940 million was 2.0 per cent aheadof last year (2018/19: 19,549 million)and 0.1 per cent behind on an organicbasis. Ongoing gross margins were inline with last year, which was a goodperformance given the adverse productmix challenges of COVID-19 in the secondhalf as we temporarily closed our branchand showroom networks. The Group’soperating expenses were well controlled,particularly in the second half, as weacted swiftly to lower our expense base inline with the rapidly changing marketingconditions. Ongoing underlying tradingprofit was 4.1 per cent ahead of last yearat 1,595 million (2018/19: 1,532 million),which under the circumstances was anexcellent performance.Other informationAGovernanceQYou’ve had to wrestlewith significantchallenges thisyear including theoutbreak of COVID-19in the second half.How did the Groupperform this year?Ferguson plc Annual Report and Accounts 2020I am incredibly proud to be a part of this great Companythrough what has certainly been an extraordinary first yearas Ferguson’s Group Chief Executive.Strategic reportThe Grouphas delivereda strongand resilientperformancedespite thesignificantchallengeswe’ve allfaced duringthe year07
Ferguson plc Annual Report and Accounts 202008Group Chief Executive’s Q&A (continued)QFerguson hascontinued to operateits businesses in theUSA, Canada andthe UK throughoutthe COVID-19pandemic. Why hasthis been important?AFerguson is an essential business –essential to the health and safety in eachof the countries we operate in. Our tradecustomers maintain heating, ventilationand air conditioning (HVAC), clean andwastewater services to millions of homesand businesses. We keep key residential,commercial, industrial and public sectorfacilities running and we also support themajor public utilities with the productsthey need for repair and maintenance oftheir networks. It has been critical to tryto support our customers and play ourpart in keeping these important parts ofour economy running. This was widelyrecognized by the relevant authorities andin all 50 states in the USA, Ferguson wasrecognized as an essential service.QHow have yousafeguarded yourassociates and keptyour customers safe?AProtecting the health and wellbeing of ourassociates and customers has always beenour first consideration and throughout theCOVID-19 pandemic this was no different.Given the challenges of COVID-19 wehad to quickly figure out a new way ofoperating safely and we rapidly implementednew precautions across our businessin adherence with relevant authoritiesincluding the Centers for Disease Controland Prevention (CDC) guidelines in the USA.Cleaning protocols at all sites were enhancedand we ensured that social distancingwas practiced at all locations. In the earlyweeks of the pandemic our branchesmoved to pick-up and delivery only withcustomers encouraged to order ahead withpick-up in store or at the curbside. We alsoimplemented new processes and protocolsto keep our drivers safe including touchlesssignature at the point of delivery or pick-uplocation. At the peak of the pandemic about14,000 US associates were working remotely,supported by technology.As lockdown restrictions were lifted locallyfrom late May/early June we startedreopening our physical counter locations.These were adapted with physical safeguardsincluding safety screens and new signage tohelp reinforce the necessary social distancingmeasures required and always in line withlocal governmental guidance.All our bricks and mortar showroom siteswere also initially closed (though virtualconsultations continued) and later inthe spring we reopened to scheduledappointments ensuring these visitswere safe.QWhat have you doneto support the widercommunities in whichyou operate?AThis was particularly important as we areuniquely positioned to make a contributionto our local communities and we are playingour part to directly support the health impactof the crisis. We have participated in morethan 50 temporary hospital projects acrossthe USA and have worked on similar projectsin the UK and Canada. These projectshave created more than 12,000 additionalpatient beds in the USA in often challengingenvironments including pop-up tents inparking lots, parks and convention centers.In New York, where there was a highconcentration of cases early in the pandemic,we created a 24/7 emergency one-hourpick-up counter focused on servicinglocal hospitals in the New York metroarea. In addition, as hospitals and healthdepartments responded to the surge inCOVID-19 patients, Ferguson has donatedapproximately 70,000 N95 face masksto healthcare organizations in the USA.Deliveries of masks have gone to hospitalsacross the USA from California to Virginia.It has been a phenomenal effort so far andwe are really proud of how our people haverisen to the challenges and supported ourcustomers and communities (see casestudy opposite).
The McCormick Place Convention Center as itwas being converted into a temporary hospitalto help in the battle against COVID-19QHas anythingchanged in termsof how business isbeing done in thisnew COVID-19 era?Anything you think willchange when life getsback to normal?Ferguson plc Annual Report and Accounts 202009Jim Kuenn, Director of Commercial – Central Midwest describes what happenedwhen Ferguson got the call to help on the COVID-19 Care Center project atMcCormick Place in Chicago:“ The goal was to turn an empty convention center into a 3,500bed COVID-19 care facility. We got involved midday on a Tuesday.Our customer called saying, ‘I need help sourcing product andI need it yesterday’. We were told that 500 beds, with fixturesand hot water needed to be ready on Friday by noon. It didn’tstop there. They told us that 3,000 more beds, fixtures and hotwater needed to be ready within eight days. We reviewed themechanical schedule and specifications provided to us.“ The Ferguson team stepped up to the challenge and worked24/7 to make it happen while adhering to our new COVID-19procedures such as social distancing and wearing our personalprotective equipment. Our customers ran ahead of scheduleand met the deadlines because everyone, from our contractorsto various suppliers, found a way to say ‘yes’. I get prideful chillsfrom what was accomplished. What our teams of associatesovercame that week is a true showing of who we are as people.”– Buy online pick-up at store – we’ve created a“contactless process” for our customers andassociates to transact.– Use the “Ferguson SKU App” on their mobilephone to scan product barcodes to seamlesslycreate a shopping cart for Ferguson.com.– Track their delivery truck in real-time after weembedded truck delivery tracking software intoour platform.– Search for products by job versus individualproduct following the launch of our “shopby job” feature – this cuts down on the timecustomers na
Ferguson plc is a leading value added distributor of plumbing and heating products. IFC-59 Strategic report IFC Welcome to Ferguson IFC Contents 2 Ferguson at a glance 4 Chairman's statement 5 Financial highlights 7 Group Chief Executive's Q&A 15 Market overview 16 Key performance indicators ("KPIs") 18 Our business model 60-112 .