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BSS set to outperform

Plumbing supplies firm BSS Group, in the process of being taken over by Wickes owner Travis Perkins for £558m, has had a strong start to the new financial year.

Total revenue for the 17 weeks to 28 July was up 11.5% on a year ago at £435.3m and 7% better on a like for like (LFL) basis compared with a 6.6% increase in Q4.

The specialist division was top performer, with LFL sales up 8.5%. It’s expected to return to revenue and profit growth in 2010/11.

LFL revenue at the domestic business rose 7.6% and was 5% higher at the industrial unit.

“The BSS Group has had a strong start to the new financial year with all three divisions showing encouraging like for like growth in revenue and, as anticipated, improving gross margin trends,” the company said in an update.

“Whilst the economic outlook remains uncertain, the board believes that the group's focus on revenue growth, margin improvement and tight control of costs would enable it to outperform the market.”

Travis eventually got its man earlier this month when it tabled a cash and share bid that values each BSS Share at 435.8p, in line with the initial approach in May.

Source : Sharecast

29 July 2010
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