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Pre-tax profits also rose 20% to £216.7m, up from £180.0m last time.
It has also started 2011 well with like-for-like sales in January up 22% in merchanting, 8% up in newly acquired plumbing supplies group BSS and 12% in retail deliveries. The increase is attributed to the snow that impacted trade in January in 2010.
The first three weeks of February have also traded well with a 10% increase in like-for-like sales in merchanting, 5% in BSS and a 2% increase in retail, although sales of kitchens and bathrooms are down as homeowners generally made their purchases before VAT went up in January.
Chief executive Geoff Cooper said: "The group made excellent progress in 2010, a year in which our organic development strategy, against a background of depressed levels of construction activity, produced a strong financial performance. The group achieved further market share gains and impressive increases in profits. The group's strategic position and prospects in the UK have been considerably strengthened through the recent completion of the BSS acquisition [in December].
"Our three main targets for 2011 are to drive organic growth, drive cash generation and to integrate BSS to get the best out of the acquisition. We have made a strong start to 2011 and consequently we look forward to another year of good progress."
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