BSS group welcomes 4% revenue rise
Specialist trades distributor the BSS Group has seen revenue up by 4% according to the company's preliminary results for the year ended March 31, 2009.
The group's revenue has increased to £1,340.6 million, up from £1,289 million the previous year.
Operating profit was up by £2.7 million to £68.1 million, before amortisation of intangibles and exceptional charges. Profit before tax is £57.8m (2008: £58.3m) and the group has reduced net debt by 18% to £86.0m (2008: £104.3m).
As well as the good news, the firm reported that 300 people have been made redundant across the group, since January 2009.
Gavin Slark, group chief executive, said: 'The results reflect the group's resilience with earnings and revenue holding up well despite a contracting economy and continuing uncertainty. The challenges have increased as the year has progressed but we have adapted well: scaling down the business where appropriate, identifying new growth opportunities and picking up new revenue streams in adjacent markets'.
The company made market share gains for both domestic and industrial divisions and said its focus on repair and maintenance market continues to underpin
Thirty new branches have opened and the industrial division is diversifying into new markets.
The group bought Direct Heating Spares in April 2009, to capitalise on the growing parts market.
Slark added:'The new financial year will be no easier. We are focused on winning new business and growing market share in more challenging trading conditions'.
1 June 2009