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B&M hails strong first half

B&M has posted a pre-tax profit uplift of 32.5% to £115 million in the first half of its financial year.

GENERAL MERCHANDISE

B&M hails strong first half

B&M has posted a pre-tax profit uplift of 32.5% to £115 million in the first half of its financial year.

In the 26 weeks to 29 September, group revenue increased by 16.1% to £1.56 billion with UK revenue rising by 7.1%.

Meanwhile, group adjusted EBITDA climbed by 13.5% to £131.8 million and B&M UK adjusted EBITDA increased by 12.1%.

B&M said its third quarter has got off to a good start with like-for-like sales growth so far in UK B&M fascia stores at a similar level to the first half.

Simon Arora, B&M chief executive, said: “B&M has delivered a good first half performance. The core B&M fascia stores made good progress and we have made a solid start in the second half of the financial year.”

B&M said it is track to open at least 58 gross new B&M stores this financial year and that its German Jawoll business is on track to open ten new stores. Meanwhile, its Heron Foods business will open at least 20 gross new stores in the period.

Arora added: “Heron Foods has grown strongly in the UK, and in Jawoll the new management team is now utilising the B&M supply chain, with clear early signs that customers are responding positively to the new products.”

Looking ahead Arora said: “With the core B&M UK business having had a record half year performance, we are well placed to prosper in a difficult and uncertain retail environment.”

Last month B&M announced that it had acquired Paminvest SAS which operates a chain of 95 stores under the Babou fascia in France.

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