Pandemic-led U.S. home improvement demand boosts Ferguson annual profit

-London-listed plumbing supplies provider Ferguson Plc reported higher annual profit on Tuesday, as customers spent more on home improvement projects during the pandemic.

Although the pandemic drove strong interest for home renovation across many western markets as people stayed indoors, U.S.-focused Ferguson said it expected demand to taper later this year.

The company said underlying trading profit climbed 32% to $2.10 billion in the full year ended July 31.

Revenue rose 14% to $22.79 billion, with the United States contributing more than 94%.

The FTSE 100 firm declared a final dividend of 166.5 cents per share, making it a 15% jump in the total dividend for the year.