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B&M ‘well placed’ for Christmas as half-year profits climb to £86.8m

Published on: November 14th, 2017

Retail group has also announced that chairman Sir Terry Leahy is to retire.

The Liverpool-headquartered company achieved a pre-tax profit of £86.8m in the 26 weeks to 23rd September 2017, up year on year by 17.8%. Groupwide revenues, which includes sales from discount retailer Heron Foods and German business Jawoll, rose 21.7% to £1.35b.

The period saw B&M UK add 20 sites to its store portfolio, including three relocations. The expansion has put the firm on track to open 50 stores, of which seven are relocations, this financial year.

Chairman Sir Terry Leahy said: “B&M has delivered an excellent performance in the first half of the financial year with strong growth in revenues, EBITDA and profit before tax.”

“Our trading momentum in the UK has been maintained, driven by more shoppers seeking out value at B&M, combined with further improvements to our offer for customers particularly in ranging, pricing and store standards.”

He added: “We are well placed for the approaching Christmas season and we look forward to the remainder of the financial year with confidence.”

B&M has also announced that Peter Bamford, deputy chairman and senior independent director of Spire Healthcare Group, will replace Sir Terry on the board when he retires. Sir Terry has been involved with B&M for five years, and helped steer it onto the stock market in 2014.

Peter will become non-executive chairman on 1st March 2018.

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