South Wales' largest independent builders' merchant, LBS Group, recorded net assets of £36 million in 2023.

Group sales for 2023 amounted to £87 million, maintaining the level set in 2022.

Despite a drop in operating profit, the company remains focused on providing competitive pricing for its customers.

The business opened three new branches in 2023, including its first building supplies outlet in Cardiff, as well as Total Plumbing branches in Llantrisant and Llandeilo.

By the end of 2023, the multi-merchant group employed 474 staff across 19 LBS Builders' Merchant branches, 16 Total Plumbing merchants, nine LBS Kitchen & Bathroom showrooms, and various other outlets.

Mark Davies, LBS Group company chairman, said: "We are pleased with LBS Group performance in 2023 against the backdrop of a challenging marketplace.

"We have seen these conditions continue into 2024, but we are making strong progress in winning market share and delivering growth in key areas."

LBS Group managing directors, Ben Davies and Rachel Davies, said: "Our focus on 2023 continued to be on delivering great value to our customer base via best-in-class customer service and competitive pricing.

"We are proud to be the largest independent builders’ merchant in South Wales and our offer of strong teams in local branches in key locations combined with a strong stockholding and high product availability ensures that we can give customers a reason to choose us.

"These values have stood us in good stead over the years, and continue into 2024.

"We are confident of further growth and investment to come.

"Our strategy remains unchanged."

Despite economic uncertainty, the group is committed to long-term growth and investment throughout 2024.

The group has already completed two acquisitions in 2024 of family businesses in strategic locations: DG Heath in Pontarddulais and Denman & Sons in Pengam.

The company remains focused on winning market share and providing competitive pricing support to its customers.

Digital initiatives and the development of innovative solutions for customers have been a key priority for 2024, including the relaunch of the company’s website complete with Click & Collect and Click & Deliver.

The company's stockholding remains healthy across its estate.

The business continues to focus on its core principles of investment in the best people while generating strong cash flow and maintaining a robust balance sheet.

Its plans for 2024/25 are unchanged and the team is confident of continuing to deliver performance ahead of its market for the long term.