"Ferguson continued to gain market share and its financial results benefited from the commercial and industrial sector that continues to grow and accounts for over 60 percent of its revenue," stated a Wolseley spokesperson. "However, Ferguson was affected by the weakening new residential market and a slowing RMI market."

The report cited Ferguson's revenue up around 5 percent in the quarter due to acquisitions, but organic growth "marginally negative."

Staff reductions are still underway at Ferguson. When completed, employment will have been reduced by more than 10 percent from its peak.