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UK's Ferguson profit rise 25 percent, to buy back shares

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UK's Ferguson profit rise 25 percent, to buy back shares

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(Reuters) – Heating and plumbing products supplier Ferguson <FERG.L> reported a near 25 percent rise in full-year trading profit from ongoing business, as a strong U.S. performance offset weak British growth. The group, which changed its name from Wolseley this year, said trading profit from ongoing business rose to 1.03 billion pounds in the year to July 31, from 827 million pounds a year earlier. The company said it would buy back shares worth 500 million pounds over the next 12 months. Revenue from ongoing business grew 18.3 percent to 14.87 billion pounds, up 6 percent on a like-for-like basis.

(Reporting by Esha Vaish and Rahul B in Bengaluru; editing by Jason Neely)
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