Plumbing, heating and industrial equipment merchants BSS Group saw sales inch upwards from £1.28bn to £1.34bn in the year to March 31 2009.
The group’s preliminary results shows that like-for-like sales were down by 0.7%, compared with last year’s rise of 8.5% and pre-tax profits fell to £57.8m from £58.3m last year.
Operating profit before amortisation of intangibles and exceptional charges, however, were up £2.7m (4.1%) to £68.1m.
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 new financial year will be no easier. We are focused on winning new business and growing market share in more challenging trading conditions.”