Ferguson plc reported a near 25 percent rise in full-year trading profit from ongoing business, as a strong U.S. performance offset weak British growth.

The group, which changed its name from Wolseley this year, said trading profit from ongoing business rose to 1.03 billion pounds ($1.36 billion) in the year to July 31, from 827 million pounds ($1.09 billion) a year earlier.

The company said it would buy back shares worth 500 million pounds ($661 million) over the next 12 months.

Revenue from ongoing business grew 18.3 percent to 14.87 billion pounds, up 6 percent on a like-for-like basis.

The company has increasingly banked on growth in its U.S. business to drive results, against challenging market conditions in the UK and parts of Europe, which has prompted a planned exit from the Nordic region.