The Group has a dividend policy which targets a pay-out ratio of between 30-40% of net income on a normalised tax basis. The Group generally pays the interim and final dividends for each financial year approximately in proportions of one-third and two-thirds respectively of the total annual dividend.
Other financial highlights include:
● Group revenues increased by 16.5% to £3,813.4m (FY19: £3,272.6)
● UK B&M store fascia revenue growth of 12.6%, including Like-for-Like revenue growth of 3.3% for the year, including 6.6% in the fourth quarter
● Group profit before tax increased by 3.2% to £252.0m for the 52 week period (FY19: £244.3m), diluted earnings per share 19.5p (FY19:19.5p)
● UK B&M store fascia Adjusted EBITDA growth of 8.7% to £319.8m (FY19: £294.1m)
● Progress made in France with 19 Babou stores out of a total estate of 101 stores, now trading as "B&M" but the controlled testing of the performance of the converted stores was subsequently interrupted by the 8 week Covid-19 closure period from 15 March to 11 May 2020
● Cash generated from operations of £532.6m for the 52 week period (2019: £423.0m), year-end net debt of £347.5m before the payment of the £150.1m special dividend in April 2020 following the sale and leaseback of the Bedford Distribution Centre, and with net debt to EBITDA of 1.02 x (FY19: 1.91x)
● 36 net new B&M UK fascia stores opened in the period (51 gross) and a further 30 net new store openings planned for FY21. The rate of new openings for FY21 is impacted by disruption from Covid-19,but our overall long term target of at least 950 B&M stores in the UK remains unchanged
● The trading since the year-end has been strong
● Since the year end, the UK business delivered £1 million in cash donations to Foodbanks and gave £2.9 million of discounts to NHS workers. Store and distribution colleagues received 110% of normal pay to reflect their increased responsibilities and workload
