Goingbeyondfor ourcustomersFerguson plcAnnual Report andAccounts 2021
Ferguson plc Annual Report and Accounts 2021Strategic reportIFC Contents1Going beyond12Ferguson at a glance14Chairman’s statement15Financial highlights17Group Chief Executive’s review22Market overview24Key performance indicators (“KPIs”)26Our business modelGovernance12128Key resources and relationships61Governance overview122 Group cash flow statement32Section 172 andstakeholder engagement62Board of Directors66The Board’s focus during the year123 Notes to the consolidatedfinancial statements34Financial review6738Regional performanceHow the Board engageswith stakeholders165 Independent auditor’s reportto the members of Ferguson plc47Sustainability68Division of responsibilities172 Company income statement52Principal risks andtheir management70Composition, successionand evaluation172 Company statementof changes in equityOther information72Nominations Committee173Company balance sheet176Five-year summary75Audit, risk and internal control174178Group companies82Directors’ Remuneration ReportNotes to the Companyfinancial statements86Remuneration at a glance183 Group information89Annual report on remuneration184 Forward-looking statements59Non-financialinformation statementFinancials118Group income statement119Group statement ofcomprehensive income120 Group statement ofchanges in equity102 2019 Remuneration Policy –for information only113Directors’ Report –other disclosuresGroup balance sheet180 Shareholder information
StrategicreportStrategic reportGovernanceFinancialsOther informationAnnual Report and Accounts 2021 Ferguson plcOur purpose is to actas a trusted supplierand partner to ourcustomers, providinginnovative solutions tomake their projects moresuccessful. We have astrong service culturewhere going beyond forour customers is part ofour everyday life1
2Ferguson plc Annual Report and Accounts 2021Going beyondWe serve largeand fragmentedmarkets withstrong growthpotential
StrategicreportStrategic reportGovernanceFinancialsOther informationAnnual Report and Accounts 2021 Ferguson plcGoing beyond for our customersis what our talented associatesdo every day. We offer excellentservice, advice and an extensiverange of specialist plumbingand heating products deliveredwhere and when our customersneed them. We have set outour strategy in the GroupChief Executive’s review onpages 17 to 21 and showcasefour competitive advantagesof our strategy and how we gobeyond on the following pages:Going beyond:Best associatesProduct strategyDigital capabilitySupply chain network3
4Ferguson plc Annual Report and Accounts 2021Going beyond: Best associatesOur associates arethe heartof our business
StrategicreportStrategic reportGovernanceFinancials“Other informationFerguson’s new VirtualDesign and Construction(“VDC”) Team and ourfabrication team wereessential to this project.The VDC team delivereda 3-D scan, fieldverification drawings,a fabrication map andspool drawings for thefabrication team to buildand deliver a completebolt-up piping system.”Joe SmithNational Sales ManagerAnnual Report and Accounts 2021 Ferguson plcJoe Smith, National Sales Manager for PP-R(polypropylene random) pipe, has been withFerguson for 44 years. Joe joined Fergusonthrough the acquisition of Atlas Supply in1977 as a warehouse manager. “At the time,there weren’t many of us at the location so therole encompassed everything the businessdid which meant I got trained in everything,”remembers Joe. It was this attitude from Joeand Ferguson’s Best Associates culture thathas seen him develop his career to become anational sales manager.“Ferguson sent me on every product trainingthere was. Whether it was US Steel’s training inLorain, Ohio, Top Lines sanitary fittings trainingin Bradford, Pennsylvania or our own valveactuation training, I was very hands on andgravitated to that side of the business,” said Joe.He continued, “I’ve done every kind of internaland external training. Anything you can imaginefor 44 years, I’ve been involved in it at somepoint, including classes like time managementor sales training. Ferguson associates have anincredible thirst for knowledge – we’re trainingpeople all the time whether it’s basic productknowledge or on jobsites installing products.As part of that training we’re developing ourassociates to be the trainers of the future soit’s a constant learning for all our associates –it’s great.”When a pharmaceutical customer approachedJoe and Ferguson needing to enlarge itsmanufacturing plant in Gainesville, Georgia,the challenge they faced was that the roofof the existing facility could not support theweight of a larger cooling system requiredto make the expansion viable. The cost andoperational disruption of reinforcing the roofwas not an option for the business and so CRB,the construction and design firm awardedthe contract, turned to Joe and Fergusonfor help. Joe’s idea was to use prefabricatedpolypropylene pipes, which are about onefourth the weight of steel pipe, reducing theload on the roof without extensive reinforcing.Read more abouthow our associatesare integral toour strategy.Pages 28 and 29The result saved the customer more than 50,000 in direct costs, as well as the costsassociated with any downtime that wouldhave been required for extensive structuralreinforcing. It also helped to reduce on-siteconstruction hours and was completed withno recorded injuries. The customer was soimpressed that they have awarded a secondphase contract that is currently being fabricatedand shipped.Image caption: Rooftop PP-R pipe installation supervisedby Joe Smith, Ferguson National Sales Manager for PP-R5
6Ferguson plc Annual Report and Accounts 2021Going beyond: Product strategyOwn brandor branded,we meet ourcustomers’needsWe have a focused product strategy that includesboth branded and own brand offerings and with overa million products across nine specialist customergroups our extensive range can meet everycustomer’s need. Own brands, which represent 8.6per cent of revenue, offer customers high-quality, “ontrend” products at competitive prices with excellentavailability and industry leading warranties. For thebusiness, own brands offer higher gross margins.As such, our customers, associates and the businessall do well when we sell own brand products.In November 2020 we launched an exciting new lineof own brand products in the Heating, Ventilationand Air Conditioning (“HVAC”) equipment categorycalled Durastar. Durastar has been designed to offera broad, high-quality range of residential unitary andductless HVAC products at competitive price points.The initial Durastar offering has included airconditioners, heat pumps, gas furnaces, air handlersand coils and we are executing a phased, targetedlaunch strategy starting in the Ohio Valley Districtand growing geographically into new marketsover the next several years. Durastar will be ourprimary line of equipment as we expand our HVACbusiness within our branch network as it offersus a considerable growth opportunity to sell ourbrand across the US, giving our customers evengreater choice for their HVAC needs. Our scaleand global sourcing capabilities make this a strongcompetitive advantage for the business in theHVAC market worth approximately 50 billion, inwhich we currently have approximately 4 per centmarket share.Image caption: Durastar product installation
StrategicreportStrategic reportGovernanceFinancialsOther informationAnnual Report and Accounts 2021 Ferguson plc“Creating and launchingDurastar has been a crossfunctional team effort.Durastar enables us to sell inany market and any channelwhich is a borderless branddeployment opportunity.From a thought leadershipperspective, this supports ourmulti-brand product strategythat includes branded,branded exclusives and ownbrand products.”Rodney GraingerSenior Director, Category ManagementRead how ourproduct range fitsinto our strategy.Pages 19 and 207
8Ferguson plc Annual Report and Accounts 2021Going beyond: Digital capabilityEmpoweringcustomersOur digital capabilities mean that our customersare more efficient, saving them time and money.Through our digital platforms we continuallykeep our customers updated with their orderdetails when they are on the go, which meansthey know where the products they haveordered will be exactly when they need them.Through geolocation technology implementedacross our delivery fleet, customers canpinpoint the exact location of the truck that hastheir order on it and know precisely what hasbeen loaded so they can plan for the day ahead.This also reduces call volumes freeing up ourassociates to concentrate on sales and service.Customer Aaron Walton with Stillwater GroupLLC, often runs several high-end, largeresidential projects simultaneously. Aaron isable to schedule installation with his Fergusoninstall coordinator, Alexandra Miller, and returnto other aspects of his job. During a recentproject, the layout of a new construction homerequired the rental of a boom truck to lift theappliances in through the second-floor terrace.Aaron was able to confirm his requested dateand time of installation with Alexandra and leaveher to arrange the details. Behind the scenes,Alexandra worked with a local company to renta boom truck and have it delivered to the jobsiteon the morning of installation.Aaron received a system generated email andtext message confirming and reminding himthat the install for his project was scheduledfor the following morning. The message notedwhich job the appointment was for, provideda time window for delivery, a link to see wherethe truck was located, who the installers were,exactly what products were being deliveredand the current status of the installation.The Ferguson installers were able to notifyAaron via the mobile app that they were enroute and were approximately 30 minutes fromhis project. They met the company deliveringthe boom truck on-site and delivered theappliances through the second floor.
StrategicreportStrategic reportGovernanceFinancialsOther informationAnnual Report and Accounts 2021 Ferguson plcthroughdigitalcapabilityUpon completion Ferguson sent the deliveryreceipt via the app to Aaron confirming whathad been delivered and installed that day.This freed Aaron up to visit other projectsthroughout the day and continually be informedon what Ferguson had delivered and installedat his jobsite. A more detailed installationsummary was sent to him the next businessday by Alexandra who verified everything wascompleted to his liking and thanked him forhis business.Image caption: Laura Wolfe, Ferguson showroomconsultant, with Aaron Walton from Stillwater Groupreviewing the installation for Aaron’s customerRead how our digitalcapabilities fit intoour strategy.Pages 18 to 219
10Ferguson plc Annual Report and Accounts 2021Going beyond: Supply chain networkOur supply chain is built around the needs of ourcustomers who require access to a wide varietyof products, high fill-rates and speed of delivery.We bridge the gap between over 34,000suppliers and over one million customers andwe continue to invest in our procurement,logistics and supply chain to constantly improveefficiency and speed.Across the US, we have 6.5 million square feetin 10 distribution centers and 35 million squarefeet across our branch network which makes uscapable of same-day and next-day delivery toover 95 per cent of the US population.This is the foundation for our seamlessomnichannel customer experience combinedwith our investment in the best-in-classtechnology and tools which enables us tostay ahead of our competition and growmarket share.Our new market distribution center (“MDC”)in Denver came online towards the end of thefiscal year and is a step change in productivity.delivered locallyWherever your project,our comprehensive supply chaindelivers products anywhere inthe country within hours.
StrategicreportStrategic reportGovernanceFinancialsOther informationThe 450,000 square foot facility has arevolutionary automated inventory picking andreplenishment system that will complete 60 percent of all product picks for the facility.The 16,000 square foot system holds 49,000bins and 26,000 products and utilizes energyefficient robots to run these product binsacross a modular grid, optimizing space, time,energy and productivity. With energy efficientmotors and regenerative power, each robotuses about 100 watts of power, a tenth of anaverage toaster, improving energy efficiency.The robots work day and night, saving ontraditional warehouse costs including labor,lighting, heating and cleaning.Annual Report and Accounts 2021 Ferguson plcThe system also decreases manual handlingof materials by 50 per cent which will improvehealth and safety metrics. In the future, it ispossible to expand the system without theneed to shut it down. Denver is the first of ournew future state MDC facilities and we areplanning to build approximately two or threeof these annually over the next several years.This is in addition to our 11 distribution centers(10 in the United States and 1 in Canada).Our business modelshows how our supplychain goes beyondto create valuefor our customersand stakeholders.Pages 26 and 27Across North America we have:34,0001,679suppliersbranches11 1 milliondistribution centerscustomersImage caption: Inside our new Denver MDC with itsautomated inventory picking and replenishment system(on the left hand side)11
12Ferguson plc Annual Report and Accounts 2021Ferguson at a glanceTrustedsupplier andpartnerWe are a leading supplier of heatingand plumbing products and solutions,serving nine customer groups,principally in the USA.These products and services aredelivered through specialist salesassociates, counter service, showroomconsultants and increasingly throughe-commerce.Residential Buildingand Remodel(formerly Residential Showroom)Operates a national network of 247 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.14%of total US revenueResidential TradeFor more information on our customer groupsPages 40 to 45Serves 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.For more information on our marketsPages 22 and 2320%of total US revenueResidential Digital Commerce(formerly eBusiness)Sells home improvement products directly toconsumers and trade customers online throughvarious websites. The primary brand is Build withFerguson and the business creates synergies by usingthe same distribution network as the trade businesses.10%of total US revenueHVACDistributes heating, ventilation and air conditioning(“HVAC”) and refrigeration equipment, partsand supplies to specialist contractors in theresidential and commercial end markets for repairand replacement.11%of total US revenue
StrategicreportStrategic reportGovernanceFinancialsOther informationAnnual Report and Accounts 2021 Ferguson plcGroupCommercial/MechanicalCanada6%(formerly Commercial)USA94%Provides commercial plumbing and mechanicalcontractors with products and services includingbidding and tendering support and timelineplanning to assist with their construction projects.14%of total US revenue 22,792mRevenueFacilities SupplyProvides products, services and solutions to enablereliable maintenance of commercial facilities acrossmultiple RMI markets including multi-family properties,government agencies, hospitality, educationand healthcare.Canada4%4%USA96%of total US revenue 2,099mUnderlyingtrading profit1Fire and FabricationFabricates and supplies fire protection products,fire protection systems and bespoke fabricationservices to commercial contractors for newconstruction projects.3%USA 21,478mof total US revenueRevenue(2019/20: 18,857m) 2,073mUnderlying trading profit1,2(2019/20: 1,587m)Canada 1,314mRevenue(2019/20: 1,083m) 76mIndustrialSupplies PVF and industrial maintenance, repairand operations (“MRO”) specializing in deliveringautomation, instrumentation, engineered productsand turn-key solutions. Also provides supply chainmanagement solutions.6%of total US revenueUnderlying trading profit1,2(2019/20: 43m)WaterworksDistributes 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.18%of total US revenue1. This is an Alternative Performance Measure(“APM”); for further information on APMs, includinga description of our policy, purpose, definitionsand reconciliations to equivalent IFRS statutorymeasures, see note 2 on pages 129 to 132.Underlying trading profit refers to continuingoperations unless otherwise stated.2. See note 3 on pages 133 to 135 for furtherinformation on segmental metrics.13
14Ferguson plc Annual Report and Accounts 2021Chairman’s statementOur associates deliveredrecord revenue and profitgrowth despite globalsupply chain pressuresGeoff DrabbleChairmanDemonstrating the strength andresilience of our business model2020/21 was an exceptional year for Fergusonand despite the continued challenges anduncertainty of the COVID-19 pandemic wedelivered record financial results. In spite ofthese unprecedented circumstances, weagain kept our customers running, manyof whom provide critical services keepingmillions of homes and businesses functioning.The second half of the financial year was reallythe inverse of the sharp contraction we saw inour markets in the prior year during the crisisphase of the pandemic as lockdowns wereimposed. The rapid roll-out of vaccines hasaccelerated the reopening of our markets whichled to a sharp acceleration in demand fromFebruary onwards.During the year, the strength, flexibility andresilience of the Ferguson business modelwas again underlined as we accommodatedunprecedented levels of demand. We havemaintained industry leading availability ofproducts during a time of unsurpassed scarcity,particularly in the second half, as we continueto support our customers. I’m also extremelyproud of our talented workforce of 31,000associates who have again steadfastly deliveredto keep Ferguson and our customers operatingsmoothly during this challenging period.Throughout this period we have continuedto act swiftly and responsibly to ensure weprotect the interests of all of our stakeholders.At all times our priority has remained focusedon the health and safety of our associates andcustomers as we supported those workingon the frontline in the fight against COVID-19.Sadly, during the year we lost a number ofvalued colleagues and I extend the deepestsympathies of the Board and everyone atFerguson plc to the families of those affected.We remain committed to doing all we can tosupport them.
StrategicreportStrategic reportGovernanceFinancial performance and strategyDespite the operational challenges of theCOVID-19 pandemic, 2020/21 has been anotheryear of significant progress in executingour strategy under the leadership of KevinMurphy, Group Chief Executive, and his team.Although the disruption brought about byCOVID-19 created short-term challengesit has created medium-term opportunities.We remain focused on “Going Beyond” for ourcustomers and we are adapting our strategyand operations to meet the changing needs ofour customers as they rebuild their businessesand as we all learn to live with the virus.In many ways COVID-19 is redrawing the mapof how and where we live and work and spendour leisure time in the future and in responsethe residential and commercial spaces thatwill be needed in the coming years are beingreimagined. This creates opportunities forFerguson and we continue to develop solutionsto take advantage of the emerging trends inour industry. We are innovating more than everand investing in our associates, technologyand operations and prioritizing that investmentto focus on our largest growth opportunities.Details about how we are evolving our strategycan be found on pages 19 to 21.FinancialsOther informationThe Group delivered record results in 2020/21and generated revenue growth of 14.3 percent to 22.8 billion (2019/20: 19.9 billion)1.Total basic earnings per share of 674.7cents was 57.8 per cent ahead of last year.Headline earnings per share2 was 35.5 percent higher at 688.1 cents mainly due to thestrong profit performance in the second halfof the year. Strong cash generation remainsone of the great hallmarks of the business andwe delivered another solid performance whileinvesting in inventory to ensure high ongoingfill-rates for our customers during a period ofsupply chain disruption which underlines theagility of our business model. Details of ouroperational and financial performance can befound on pages 17 to 21, 34 to 39 and 46.Shareholder returnsFor more than a decade Ferguson’s investmentpriorities have remained firmly focused oninvesting in the business and consistentlygenerating above market organic growth.We set out to maintain and grow the ordinarydividend sustainably through the economiccycle so that shareholders are rewarded with anattractive recurring income stream.Annual Report and Accounts 2021 Ferguson plc15We also want to selectively invest in bolt-onacquisitions that meet our investment criteriaand given our fragmented markets M&Aremains a strong focus in the business as ameans of generating growth. Any surplus cashafter meeting these investment needs will bereturned to shareholders and we have returnednearly 5 billion in share buy backs and specialdividends over the past 10 years. We aim tomaintain a strong balance sheet with targetleverage of 1x to 2x net debt to adjusted EBITDAthrough the cycle.Given the uncertainty of COVID-19, our balancesheet has been a source of great strength as wehave guided the business through the ongoingchallenges of the pandemic. Initially last yearwe took prompt actions to optimize cash flow,reducing capital expenditure and operatingcosts, and to further improve our liquidityposition. As markets have recovered this yearwe have progressively reinstated our capitalpriorities in line with the priorities above.This included paying a final dividend of 208.2cents per share (2018/19: 208.2 cents per share)in December 2020 which effectively reinstatedthe 2019/20 withdrawn interim dividend fromApril last year during the crisis phase of theCOVID-19 pandemic.Financial highlightsStatutory financial results 22,792m 1,891m674.7c239.4cRevenueProfit before tax 14.3%(2019/20 restated¹: 19,940m) 46.4%(2019/20 restated¹: 1,292m)Total basic earningsper shareTotal ordinary dividendper share 57.8%(2019/20: 427.5c) 15.0%(2019/20: 208.2c)Alternative performance measures30.6% 2,099m688.1c0.6xGross margin2Underlying trading profit2Headline EPS2 60bps(2019/20 restated¹: 30.0%) 31.8%(2019/20 restated¹: 1,592m) 35.5%(2019/20 restated¹: 508.0c)Net debt:adjusted EBITDA2Flat(2019/20: 0.6x)1. The Group disposed of its UK business on January 29, 2021. Pursuant to IFRS requirements, the UK results have been reclassified to discontinued operations and the prior yearcomparative results have been restated.2. The Group uses alternative performance measures (“APMs”), which are not defined or specified under International Financial Reporting Standards (“IFRS”), to provide additionalhelpful information. These measures are not considered to be a substitute for IFRS measures and are consistent with how business performance is planned, reported and assessedinternally by management and the Board. For further information on APMs, including a description of our policy, purpose, definitions and reconciliations to equivalent IFRS statutorymeasures, see notes 2 and 3 on pages 129 to 135.
16Ferguson plc Annual Report and Accounts 2021Chairman’s statement continuedIn March 2021, the Board declared an interimdividend of 72.9 cents per share and given theexceptional profit delivery in the second half ofthe year a final dividend of 166.5 cents per shareis being proposed. If approved, the dividend willbe paid on December 10, 2021 to shareholderson the register on October 29, 2021. The totaldividend of 239.4 cents per share for 2020/21represents growth over the prior year of 15.0per cent.On January 29, 2021 we completed the disposalof Wolseley UK and returned substantially all ofthe net proceeds of the disposal to shareholdersby way of a special dividend. This amounted to180 cents per share, approximately 400 million,and was paid alongside the interim dividend inMay 2021. This was an important milestone inthe refocusing of Ferguson to concentrate onthe significant growth opportunities we have inNorth America.Having restored ordinary dividend payments,we also resumed returning surplus capital toshareholders in the year. The Board announceda 400 million share buy back program inMarch 2021 which was completed in July 2021.Taking into account the Group’s excellentprospects and continued strong financialposition with net debt to adjusted EBITDA of0.6 times, we announced a further 1 billionshare buy back program with the Full YearResults, which we aim to complete over the next12 months.Governance and the BoardCompanies today are judged as much by theirintegrity and trustworthiness as by their financialperformance. One of my key responsibilitiesas Chairman is to ensure good governance forFerguson (see pages 60 to 116). In this regard,I have been extremely well supported by themembers of the Board. With their diversebackgrounds, they bring balance and a wealthof skills and experience to our organization thatcomplements the talents of our Executive team.I would like to thank all of my Board colleaguesfor their support and valuable contributionsas we continue to maintain oversight of thestrategic, operational and compliance risksacross the Group, define our path to successand uphold the high standards expected of us.During the year we continued to significantlyreshape the Board to support our strategy.In October 2020, Mike Powell stepped downas Group CFO and was succeeded by BillBrundage who was previously CFO of FergusonEnterprises, our largest subsidiary.“Above all else this year, I have beenstruck by the unwavering commitment ofFerguson’s 31,000 associates, who despitethe challenges of the virus have steadfastlycommitted to keeping our customersrunning, many of whom provide criticalservices keeping millions of homes andbusinesses functioning.” Geoff DrabbleAdditionally, we continue to ensure thatwe maintain an appropriate number ofindependent Non Executive Directors throughan orderly succession, without compromisingthe effectiveness of the Board and itsCommittees. During the year we welcomedthree new Non Executive Directors to the Board.Suzanne Wood and Brian May joined in January2021 and Kelly Baker joined in May 2021.All three are highly experienced executiveswith considerable financial, operational andindustry expertise. I am confident each will bringnew perspectives to the Board which will adddiversity of thought to our Board discussions.You can read about these appointments in theNominations Committee report on pages 72to 74 and their biographies on pages 62 to 64.Finally, Tessa Bamford will step down as a NonExecutive Director at the 2021 Annual GeneralMeeting. We are grateful for her excellentcontribution spanning over 10 years during aperiod of significant change for the Group andwe wish her well for the future.Corporate actions and proposedprimary listing changeWe’ve made good progress this year oncompleting the required corporate actionsahead of the shareholder vote to change theprimary listing from London to New York, whichwe expect to hold in the spring of 2022.To that aim, as well as the exit from WolseleyUK, we have also remained focused this yearon the other corporate actions required toachieve it. This has included standing up theappropriate Sarbanes-Oxley financial andoperational control environment required by USauthorities for US listed businesses, completingthe majority of migrating UK-based corporatefunctions to the USA and transitioning ourfinancial statements from IFRS to US GAAP forperiods beginning on and after August 1, 2021.Today, Ferguson is 100 per cent a NorthAmerican business and the Board believes thata US primary listing will provide our Companywith access to significant incremental poolsof capital in the largest domestic investmentmarket in the world and is fully aligned withthe long-term strategy and focus for thebusiness. As an interim step towards achievingthe primary US listing, a special resolutionfor an additional US listing of ordinary shareson the New York Stock Exchange was putto shareholders in July 2020. This receivedover 99 per cent support and the additionallisting became effective on March 8, 2021.Ferguson retained its premium listing on theLondon Stock Exchange and inclusion in theFTSE 100 index and the Company’s ordinaryshares trade on both exchanges under theticker symbol: FERG. The Board expects thatover time the additional US listing will facilitateincreased ownership by domestic US funds.The Executive team is undertaking additionalinvestor engagement in the US which isenhancing understanding and awareness ofFerguson’s business amongst this significantincremental pool of capital.Looking aheadFerguson has made excellent progress this yearon many fronts despite considerable challenges.The Board is confident that the Group has awinning strategy, strong leadership and the rightculture to deliver on its full potential. We remainexcited about the significant structural growthopportunities in North America, the potential forfurther revenue and profit growth, and returns toshareholders over time.Geoff DrabbleChairmanSeptember 28, 2021
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The Ferguson installers were able to notify Aaron via the mobile app that they were en-route and were approximately 30 minutes from his project. They met the company delivering the boom truck on-site and delivered the appliances through the second floor. Empowering customers 8 Ferguson plc Annual Report and Accounts 2021