21/7/2005
The BSS Group PLC ('BSS', or the 'Group'), a leading distributor of heating, plumbing and pipeline equipment to the industrial and domestic construction and maintenance markets, will be holding its Annual General Meeting today, at which the Chairman, Peter Warry, will make the following statement:
'Group sales in the first quarter of the year to March 2006 have continued to grow well ahead of the overall market reflecting the strength of the market sectors in which we operate and our market share gains. Both divisions have contributed to this performance.
Industrial Division
Ongoing government commitment towards expansion and refurbishment in the Health and Education sectors in which we have a strong presence has assisted this Divisional performance. Sales to Terminal 5 at Heathrow continue to provide a meaningful contribution. We have progressed with our Manor brand focusing on plastic products and also in our important pumps market.
Domestic Division
The Domestic Division has also moved forward. We have seen further growth in social housing and sales to major contractors, together with progress in our initiative to develop the plumbing and sanitaryware side of the business. As anticipated industry consolidation has helped the independent merchant market sector to prosper.
The change from Standard Efficiency is being made speedily with minimum disruption for the Group. During June 2005, around 75% of boiler sales were High Efficiency products.
GeneralBSS became a member of the FTSE 250 during June 2005, reflecting the growth achieved over the past four years.
At the AGM today, shareholders will be asked to approve a four for one sub-division of the Group's share capital. The Board believes that, if approved, this will improve the market liquidity of the Group's shares.
Summary
Trading at the start of the current financial year has been encouraging and, at this early stage of the year, is in line with expectations. We continue to look forward to the future with confidence.'
For further information please contact:
The BSS Group PLC
Peter Wood, Chief Executive
Kevin Higginson, Finance Director
0116 256 7002
Hogarth Partnership Limited
Andrew Jaques
Rachel Hirst
020 7357 9477