The past year marked the successful carve-out of our business as one of Europe’s leading building distributors. We are now fully operational as a standalone organisation following the acquisition of BME by the Blackstone Group from CRH Plc. We have made significant progress towards delivering on our strategic initiatives with the right management team in place and a new headquarters in Schiphol, the Netherlands.
Our performance on a full year basis has been positive with net revenue growing by 5.4% driven by acquisitions and organic growth. Our normalized EBITDA increased driven by top-line growth as well as positive margin development. We also saw strong improvement on operating cash flow generation in the year resulting from working capital optimization.
BME Group’s organic growth strategy is focused on implementing operational excellence initiatives to enhance returns covering six pillars, namely: Commercial Excellence, Digitalisation, Procurement, Supply Chain, Format & Footprint & Real Estate and Organisational Efficiency. This is supported by selective inorganic growth primarily via acquisitions in our existing geographic markets in the relatively fragmented European market.
Highlights of full year 2019 financial results
- Net revenue increased by 5.4% to €3,758 million;
- Normalised EBITDA increased to €256 million;
- Normalised EBITDA margin stood at 6.8%.