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FERGUSON Results for the half year ended January 31 , 2021 US $ millions Statutory financial results Revenue Profit before tax Basic earnings per share Interim dividend per share Alternative performance measures² Gross margin Trading profit Less impact of IFRS16 Underlying trading profit Headline earnings per share Adjusted EBITDA³ Net debt : Adjusted EBITDA4 Highlights Strong operational delivery in the first half : O March 16 , 2021 O O H1 2021 10,309 739 1 271.1c 72.9c 30.0 % 875 ( 38 ) 837 269.3c 918 0.6x H1 2020 ( restated ) ¹ 9,893 628 202.7c 30.2 % 781 ( 35 ) 746 235.1c 828 1.1x Change + 4.2 % + 17.7 % + 33.7 % ( 0.2 % ) + 12.0 % Revenue 4.2 % ahead of last year , despite one fewer trading day . Gross margin down 0.2 % driven by business and channel mix . O Excellent cost control ensured good underlying trading profit delivery up 12.2 % , or $ 91 million . Good operating cash generation and very strong balance sheet with 1.0x pro - forma leverage5 . Invested $ 224 million primarily in four acquisitions in the first half . UK disposal completed in the period . Special dividend of 180 cents per share ( approximately $ 400 million ) will be paid in May 2021 . Interim dividend increased to 72.9c per share , will be paid in May 2021 . New $ 400 million share buy back announced today . Additional US listing delivered and trading commenced on the New York Stock Exchange on March 8 , 2021 . 1 ) The Group disposed of its UK operations on January 29 , 2021. Pursuant to IFRS requirements , the UK results have been reclassified to discontinued operations and the prior year comparative results have been restated . + 12.2 % + 14.5 % + 10.9 % 2 ) The Group uses Alternative Performance Measures ( " APMs " ) , which are not defined or specified under IFRS , to provide additional helpful information . These measures are not considered to be a substitute for IFRS measures and are consistent with how business performance is planned , reported and assessed internally by management and the Board . For further information on APMs , including a description of our policy , purpose , definitions and reconciliations to equivalent IFRS statutory measures see note 2 on pages 17 to 20 . 4 ) 3 ) Continuing operations only , excludes the impact of IFRS16 . Adjusted EBITDA contribution from discontinued operations in the period was $ 57 million ( 2020 restated : $ 48 million ) Net debt excludes lease liabilities and Adjusted EBITDA excludes the impact of IFRS 16. Leverage ratio utilizes a trailing twelve months adjusted EBITDA for both continuing and discontinued operations . 5 ) Pro - forma net debt adjusted to include the impact of $ 400 million special dividend and $ 400 million share buy back .