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Plumbing company Ferguson unveiled a $400 million share buyback plan after reporting a rise in first-half profit on cost cuts and improving inflation.
The company said it would buy back $400 million of its shares over the next 12 months, citing a 'strong' financial position.
For the half year ended 31 January, pre-tax profit rose 17.7% to $739 million year-on-year as revenue was up 4.2% to $10.31 billion.
The company declared an interim dividend of 72.9 cents per share.
The outlook for the second half remained very uncertain but expected to generate growth, the company said.
Above market revenue growth in good residential markets was expected in the second half of the year, aided by increasing inflation, but this would be partly offset by increasing increasing supply chain pressures and reversal in temporary cost cuts, it added.