B&M profit and earnings soar in H1
B&M has announced that adjusted pre-tax profit more than doubled in the half-year ended 26 September, with profit soaring 128.5% to £253.6m, up from £111m the prior year.
In the same period, the business, which has remained open during national lockdowns, saw group adjusted EBITDA rocket 95.3% to £295.6m, up from the £151.4m reported in the first half of 2019.
Group revenue was also up by 25.3% to £2.24bn in the period, while B&M UK fascia revenue was up by 29.5%, with like-for-like sales rising 23%.
In the same period, nine gross new B&M UK store openings were offset by eight closures, though the group remains on track to open 40 to 45 gross new B&M UK stores this financial year, offset by 10 closures.
CEO Simon Arora said: “The group delivered a strong performance in the first half, with our business model proving well-attuned to the evolving needs of customers. Our combination of everyday value across a broad range of product categories and convenient Out of Town locations has proved popular with shoppers.
“During such challenging times, we have been proud to play an active role in supporting the communities in which we operate, having created over 1,800 new jobs across the group during the past six months in addition to repaying the £3.7m furlough support originally received during the height of the crisis.”
He added: “I am proud of the way in which our colleagues have risen to the many challenges posed by Covid-19. I thank them for the commitment, hard work and resilience they have demonstrated in keeping our shelves filled and maintaining an environment which is as safe as possible for our colleagues and customers.
“Despite the wider economic uncertainty and ongoing restrictions related to Covid-19, we remain confident in our business model and future prospects.”
