28th May 2015 07:10
LONDON (Alliance News) - B&M European Value Retail SA Thursday reported a pretax profit in its recently-ended financial year, as it recovered from a loss in the prior year, and as revenue grew.
The company reported a pretax profit in the year to March 28 of GBP61.7 million, compared with a pretax loss of GBP14.3 million the year before. Revenue grew 29.5% to GBP1.65 billion from GBP1.27 billion, driven by a 4.4% rise in UK like-for-like sales and a contribution from new store openings.
B&M said it will pay a total dividend for the year of 3.4 pence, with its final dividend at 2.5 pence.
"It is pleasing to report to shareholders that in B&M's first year as a public company it has delivered strong increases in sales, profits and cash generation whilst pushing on with rapid store rollout and investing in new infrastructure to support continued growth," Chairman Terry Leahy said in a statement.
"The retail industry remains competitive and a cold May has led to a slow start for Outdoor ranges. Despite this, we remain confident for the year ahead. We believe that our disruptive business model and the value for money which we offer to our customers will continue to deliver strong, profitable, cash-generative growth into the long-term as we roll out the B&M offer to more shoppers across our chosen markets," Chief Executive Simon Arora said.
Shares in B&M opened at 318.00 pence on Thursday.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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