B&M posts profits of £498m

B&M has revealed that its statutory profit-before-tax rose 14% to £498m, up from £436m, for the year ended 30 March 2024.

Furthermore, the group’s revenue jumped 10.1% to £5.5bn or 7.8% when excluding the 53rd week.

Alongside this, the retailer posted an adjusted EBITDA of £629m, a 9.7% increase year-on-year which was at the top end of the group’s guidance range of £620m-£630m.

B&M UK specifically saw an 8.5% increase in revenue, a 12.6% increase in adjusted EBITDA and 12.4% increase in adjusted operating profit margin.

In the period the company opened 78 gross new stores; 47 B&M UK, 20 Heron Foods and 11 B&M France.

Alex Russo, chief executive, said: “FY24 has been another good year for B&M. The three key components of our business – buying, logistics and retail, are working in balance and we continue to deliver excellent products at everyday low prices to our consumers. We are well set for the years ahead.

“During Q4, we accelerated our opening programme, and the step up in openings is continuing. In FY25, we will open not less than 45 gross new B&M stores in the UK, plus a meaningful number in France and for Heron. We have also raised our long-term store target to not less than 1,200 B&M UK stores, which provides a clear runway of profitable growth ahead for us, from our current base of 741 B&M UK stores.”

He added: “We have demonstrated strong volume-led momentum in our business throughout our trading history and that has continued, driving our profits ahead of both pandemic and pre-pandemic benchmarks. Despite the more challenging comparatives, with continued new store openings, and a laser focus on low prices and best in class retail standards, we remain confident in our outlook for cash generation and profit growth.”