Gavin Slark: Q4 results are encouraging.
BSS upbeat despite profit fall
Published: 25 May, 2010
LEICESTER: Plumbing and heating company BSS Group posted a 23.5% fall in pre-tax profit in its preliminary results for year ending 31 March but is confident of future uplift.
Gavin Slark, chief executive, said: "Quarter four results were encouraging and the new financial year has got off to a strong start. Like for like revenue in the first seven weeks of the new financial year is 9.7% up on last year."
BSS raised its final dividend by 10% on the back of a strong start to the new financial year. Like-for-like revenue in the first seven weeks of the new financial year was up 9.7%.
"We have absorbed the worst of the recession and are well placed to meet the challenges of 2010/11 and beyond," BSS said in a statement.
For the year ended March 31, pre-tax profit fell to £44.2m from £57.8m last year. Revenue grew marginally to £1.35bn from £1.34bn.
The company declared a final dividend of 6.09 pence, taking the total dividend for the year to 7.98 pence, up from 7.43 pence a year ago. The share price at close yesterday was 311.5 pence.