Heating and plumbing merchants BSS Group have continued to increase their market share and revenue for the first 16 weeks as they expected to do. They also expect their position to improve over the year.
The plumbing and heating merchants issued their statement at the AGM on Thursday and announced that the Industrial division is continuing to show a strong trading performance. Like for like revenue growth has been mainly down to the group’s strategic position as a national distributor; investment in stock and infrastructure; and sustained demand from customers with full order books.,
The Domestic division – which is plumbers merchants PTS and F&P Wholesale – continues to make good progress, mainly through not being too tied in to the new build market. Any slowdown has been more than offset by new contracts and growth initiatives to increasing their share of the RMI.
PTS opened 10 new branches in the year to date and are planning a further 30.
The Specialist division, comprising Buck & Hickman, Birchwood Products and Price Tools, also made good progress, with Birchwood Products, acquired on 1 March 2008, contributing positively to the Group.
For the financial year ended 31 March 2008, net debt to EBITDA was 1.5 times and interest cover was 8.6 times. The board expects the financial position of the Group to strengthen in the current year.