B&M European Value Retail recommended final dividend increased by 140.7% to 13.0p per share (FY20: 5.4p), bringing the full year ordinary dividend to 17.3p per share (FY20: 8.1p), at the top end of their ordinary dividend pay-out policy. This is in addition to £450m of special dividends paid in FY21
Other financial highlights include:
Group revenues increased by 25.9% to £4,801.4m (FY20: £3,813.4m), 25.7% on a constant currency basis
B&M UK fascia revenue up 29.9%, including like-for-like ("LFL") revenue growth of 23.8% within which H1 was 23.0% and H2 was 24.5%
Group adjusted EBITDA (pre-IFRS16) increased by 83.0% to £626.4m (FY20: £342.3m) with an exceptional adjusted EBITDA margin of 13.0% (FY20: 9.0%) driven by higher sales densities, an elevated gross margin due to lack of markdown activity and operating leverage in the core B&M UK business
Group statutory profit before tax, stated post-IFRS16, increased 108.5% to £525.4m (FY20: £252.0m) with statutory diluted earnings per share 42.7p (FY20: 19.5p)
43 gross new B&M UK store openings, weighted towards H2 following initial delays caused by Covid-19 at the start of FY21, offset by 18 closures
Babou delivered an adjusted EBITDA of £11.1m (FY20: £(3.0)m), despite the disruption caused by 10 weeks of lockdown restrictions. FY21 ended with a total French estate of 104 stores, of which 73 now trade as "B&M"
Cash generated from operations of £944.0m (FY20: £539.5m), reflecting EBITDA growth and tight working capital discipline
Year-end net debt of £519.8m, with net debt to adjusted EBITDA leverage ratio (pre-IFRS16) of 0.8x (FY20: 1.0x), comfortably within the stated leverage ceiling of 2.25x
Rewarded colleagues and invested in the communities they serve through the payment of colleague recognition bonuses in relation to Covid-19 and the creation of over 7,200 new UK jobs
