Solid figures for plumbing supply firm Ferguson

Ferguson, the plumbing supply business formerly known as Wolseley, has posted a hike in first-quarter profit and revenue, underpinned by growth in the US.

Trading profit was up 9.9 per cent to $432 million (£339m) in the three months to 31 October. Revenue lifted 8.5 per cent to $5.55 billion.

In the US, sales rose 9.6 per cent to $4.61bn, with the group experiencing widespreadgrowth“across all geographic regions and major business units”. However, in the UK market, revenue fell 9.5 per cent to £607m.

Richard Hunter, head of markets at Interactive Investor, noted: “Ferguson has made a strong start to the year.”