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BSS Group sales rise but profits dipPlumbing, heating and industrial products supply firm BSS Group has reported a slight dip in pre-tax profit despite a 4 per cent rise in turnover.BSS Group’s turnover for the year to 31 March 2009 totalled £1.34 billion up 4 per cent from £1.29 billion the previous year while pre-tax profit fell to £57.8 million from £58.3 million in 2007. The firm’s free cash flow fell slightly to £27.9 million from £30.7 million as bosses focused on reducing net debt over the past year dropping it 18 per cent to £86 million from £104.3 million in 2008. In response to the market slowdown BSS cut 300 jobs over the past year reducing its overall headcount by 6 per cent saving the firm £12 million a year. BSS Group chief executive Gavin Slark 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.” |
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