BSS chief positive over future of firm
0 Comments | Leicester Mercury, May 26, 2010 | by IAN GRIFFIN
The boss of plumbing and heating equipment supplier BSS says he is confident of outperforming the rest of the market over the next 12 months.
It comes after the company, in Lee Circle, Leicester, increased revenue by 0.9% to Pounds 1.35bn in the year to March 31, including a 7.2% rise in the second half of the year.
This was better than any of its competitors.
However, the group saw pre-tax profits fall 23% to Pounds 44.2m.
Chief executive Gavin Slark said with only 10% of income coming from Government spending, a focus on the repair and maintenance market meant it was shielded from the worst of the downturn.
“The UK economy is going to remain challenging throughout 2010 and 2011,” he said.
CHALLENGE “But because of the focus we have on the repair and maintenance sector I believe that underlying demand will continue. It’s going to be a challenge but I believe we will outperform the market.”
The company reported that branches open for at least a year had seen sales rise by 9.7% in the past seven weeks. This compares to a rise of 6.6% in the three months to March 31.
Mr Slark said: “BSS has delivered sector-leading results with revenue growth and earnings resilience despite the toughest year for the economy in more than 70 years.
“A robust balance sheet and strong cash flow has underpinned continued investment in the business throughout the recession. “We remain well positioned to take advantage of economic recovery.”
Chairman Peter Warry said: “BSS has had a successful year
plumbing repairs
« QUITE how something called the […]; AND WHILE WE’RE AT IT… Douglas Fast Net Selects Adtran Total Access 5000 for Broadband »