B&M has posted a 4.6% uplift in annual revenue to £4.9 billion after focusing on delivering growth through its existing stores.
However, adjusted EBITDA fell by 7.4% to £573 million in the 12 months to 25 March following higher costs across the business. On a statutory basis, pre-tax profit declined to £436 million from a previous £525 million,
Meanwhile total B&M fascia revenue increased by 4% to £4.067 billion while sales at B&M’s Heron Foods business rose by 18.1% to £485 million after a year of continued growth.
Revenues in France grew by 22.1% to £431 million following a strong like-for-like performance and new stores “delivering well”.
During the period, Simon Arora stepped down as the company’s chief executive after 19 years at the helm. He was succeeded by Alex Russo who previously held senior leadership positions at the likes of Asda, Tesco and Kingfisher.
B&M said B&M UK like-for-like sales in the first nine weeks of the new financial year increased by 8.3%. It now expects FY24 group adjusted EBITDA (pre-IFRS 16) to be higher than the previous year.
