Preliminary results also show 4% rise in turnover at plumbing and mechanical ventilation firm

Plumbing and mechanical ventilation supply group BSS posted a 4% post-tax profit increase in preliminary results today.

In spite of the economic downturn, profit rose £2.7m to £68.1m. Revenue was also up 4% to £1.34bn from £1.29bn.

During the period, the company laid off 300 staff or 6% of its workforce and reduced its net debt by 18% to £86.0m.

BSS said it made market share gains in both its industrial and domestic divisions, driven by a focus on repair and maintenance, opening 30 new branches. A growing spare parts market prompted the firm to acquire Direct Heating Spares last month for £5.7m.

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.”