NEWS

B&M unveils full-year results

Published on: 26th May 2016

The retailer has announced its preliminary results for the 52 weeks to 26th March 2016.

B&M-480The company saw a record number of 79 UK store openings last year (74 net new stores), taking its total number of stores in the UK to 499 at the end of March. There are currently 50 new UK stores planned for 2017, and 19 in Germany.

Two new additional distribution centres opened in the UK in September 2015, totalling 800,000 square feet, supporting continued rapid store growth.

Group revenues increased by 23.6% to £2,035.3m, and UK like-for-like sales grew 0.3%, and 2.4% on an underlying basis. Adjusted Group EBITDA increased by 16.2% to £202.5m, and group EBITDA increased by 30.6% to £196.1m. Adjusted profit before tax increased by 19.5% to £161.4m, from £135.0m in 2015.

The retailer has also demonstrated strong cashflow conversion, whilst also investing in new stores and distribution centres, with an operating cashflow of £170.9m.

Sir Terry Leahy, B&M’s chairman, commented: “B&M has delivered another year of strong progress with the implementation of our strategy for growth and an excellent financial performance in terms of overall sales, profits and cash generation. Our expansion strategy is on track to deliver further growth during the year ahead in our chosen markets. The board is pleased to declare a special dividend of 10.0p per share as well as recommending a substantial increase in the final dividend, reflecting strongly our cash generative business model.”

Simon Arora, chief executive, added: “B&M’s disruptive pricing, unique sourcing model and range discipline has continued to drive our business forward to win market share. As a result of a record 79 new stores opened in the financial year, we have now passed the milestone of 500 UK stores. Everyone at B&M has worked tremendously hard to deliver this market-leading growth and I would like to thank them for their continued commitment and hard work.”

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