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Earnings

Ferguson restores dividend as cost cuts help post higher profit

(Reuters) - Plumbing parts distributor Ferguson FERG.L restored dividend on Tuesday as cost-reduction measures, including 2,100 job cuts, and resilience in its main U.S. business helped it report a 4.1% rise in annual profit.

The company, which has moved to the International Financial Reporting Standard (IFRS) 16, said ongoing underlying trading profit for the year ended July 31 was about $1.60 billion, compared with $1.53 billion a year earlier.

(This story corrects number of jobs cut to 2,100 from 1,400 in first paragraph)

Reporting by Yadarisa Shabong in Bengaluru; Editing by Subhranshu Sahu

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