(Correcting that the figures were in billions, not millions).

Ferguson PLC on Tuesday reported a jump in full-year profit and sales, despite noting labour and supply chain challenges during the period, as a result it added it would move to a quarterly dividend schedule.

In the year ended July 31, the Berkshire-based plumbing and heating product supplier reported a pretax profit of $2.72 billion, jumping 45% from $1.86 billion the previous year.

Operating profit totalled $2.82 billion, up 45% against $1.95 billion the previous year.

Net sales in the year grew 25% year-on-year to $28.57 billion, from $22.79 billion a year prior. Ferguson said this was driven by organic growth and further consolidation of its market through acquisitions.

The firm increased its final dividend by 15% to $1.91 per share, from $1.665 a year ago. Ferguson added that it will move to a quarterly dividend schedule in financial 2023, with its first expected dividend declaration expected alongside its first-quarter results.

Chief Executive Kevin Murphy said: ‘Our associates delivered another quarter of strong financial performance driven by continued market share gains and our ability to appropriately manage and pass through price inflation. Ongoing cost control ensured a robust profit performance in the quarter as we ran up against tough prior year comparables. For the full year, our teams achieved excellent results despite labor and supply chain challenges.’

Looking forward to financial 2023, Ferguson said it expects low single-digit new sales growth, driven by ‘market outperformance and completed acquisitions.’

Shares in Ferguson were down 2.0% at 9,810.00 pence on Tuesday afternoon in London.

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