B&M to pay £250m to shareholders
Discount retail giant B&M is to hand shareholders a huge pay out worth approximately £250m.
The Merseyside-headquartered company has announced that its board has declared a special dividend of 25p per share.
In a statement to the London Stock Exchange, the business cited its “continued strong performance versus pre-pandemic levels, with ongoing evaluation of its leverage and cash position” as its justification for the move.
Last month, B&M reported a total group revenue of £2.268bn for the six months to September 25, 2021, up from £2.242bn. B&M UK’s sales increased from £1.885bn to £1.909bn while Heron Foods’ slipped from £216.2m to £203.1m.
It also reported group pre-tax profits of £241.3m, up from £235.6m.
A few days after those figures were announced, the company revealed plans to secure a financial boost of £250m. In a statement issued at the time, B&M said it intended to use the gross proceeds for “general corporate purposes”.
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