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Record profits for HPS

Heating Plumbing Supplies has announced record sales and profits for 2013, with the latter half of the year showing particularly strong trading results.

Profits for the year were just under £2.1m, compared with nearly £1.2m in the previous 12 months.

The directors have accordingly recommended a divident payment of £290,535, compared with zero in 2012.

HPS reported that its turnover increased by 11 per cent and total sales grew by 17.7 per cent compared with 2012.

Significant increases in new accounts were also recorded in 2013, rising from 2,294 in December 2012 to 2,863 12 months later.

Its high levels of performances were attributed to aiming its services at smaller insaller businesses involved in the repairs, maintenance and improvements market, which has been relatively unaffected by the difficult trading conditions experienced by other sectors.

The company has stated that it expects to expand in 2014, after opening no new branches last year.

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