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B&S 2020 earnings hurt by coronavirus pandemic

B&S 2020 earnings hurt by coronavirus pandemic

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B&S Group SA on Monday reported a 33% fall in net profit for 2020, with a fall in sales due to the coronavirus pandemic somewhat mitigated by cost controls.

The Amsterdam-listed distribution business made a net profit for the year of 40.6 million euros ($49.2 million) compared with EUR60.3 million a year earlier.

Turnover fell by 5.9% to EUR1.86 billion.

Earnings before interest, taxes, depreciation and amortization--one of the company's preferred metrics that strips out exceptional and other one-off items--fell to EUR90.3 million from EUR114.4 million. It said lower sales and profit were partially offset by tight cost control and use of government support measures.

The board proposed a dividend of 10 European cents a share, taking the total payout for the year to 22 cents.

B&S Group said it tightly controlled costs to manage the effects of the coronavirus pandemic by cutting temporary staff numbers, allowing fixed-term contracts to expire and reorganizing sub-segments that were severely hit by the pandemic.

The company said it would continue to focus on market where it foresees growth, supported by further digitizing its service and investing in online-shopping solutions.

Write to Joe Hoppe at joseph.hoppe@wsj.com

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