B&M European value retail 2019 interim results
Group revenues increased by +16.1% to £1,563.0m, +16.0% at constant currency
B&M UK revenues were up +7.1%, which includes like-for-like revenues of +0.9% on an underlying basis excluding the non-comparable Easter trading week which fell in week 53 of FY18. Like-for-like revenues were flat if no adjustment is made for the non-comparable Easter trading week
At the start of Q3 like-for-like sales growth so far in B&M fascia stores in the UK has been similar to H1, and the business is well placed for the "golden quarter" trading
Group adjusted EBITDA increased by 13.5% to £131.8m (FY18: £116.1m) and the B&M UK adjusted EBITDA increased by +12.1%
Profit before tax increased by 32.5% to £115.0m (FY18: £86.8m)
Earnings per share 9.3p, an increase of 36.8% (FY18: 6.8p). Adjusted Diluted earnings per share 8.0p, up 14.3% (FY18: 7.0p)
Cash flow from operations £67.0m (FY18: £44.2m), reflecting EBITDA growth and working capital discipline
Interim dividend increased by 12.5% to 2.7p per share (FY18: 2.4p per share) to be paid on 21 December 2018
22 gross new B&M UK store openings of which 5 are relocations (net 15 after 2 closures) and on track to open at least 58 gross new B&M stores this financial year
German business, Jawoll, opened 2 new stores in the period, and on track to open 10 new stores this financial year
Jawoll's revenue growth was +4.1%, although margin was impacted as expected by clearance activity on old stock lines as Jawoll introduces more B&M sourced products
Heron Foods has continued to trade well and opened 9 gross new stores, net 4 and on track to open at least 20 gross new stores this financial year
Babou, a value retailer in France, acquired in October 2018 with 95 stores, providing a platform for future growth in a large and attractive market
