B&M European Value Retails have declared and paid an interim ordinary dividend of 5.0p per share in addition to a special dividend of 25.0p per share. Subject to approval by shareholders at the AGM on 28 July 2022, a final ordinary dividend of 11.5p per share is to be paid on 5 August 2022 to shareholders on the register of the Company at the close of business on 1 July 2022. The ex-dividend date will be 30 June 2022.
Other financial highlights include:
Group revenues decreased by (2.7)% on prior year to £4,673m (or (2.4)% at constant currency), but increased 22.5% on a two-year basis versus FY20
B&M UK fascia revenue decreased (4.1)% year-on-year, driven by one-year like-for-like ("LFL") revenue decline of (9.0)%
o On a two-year basis versus FY20, LFL revenues were up 13.0% with sales densities significantly higher than pre-pandemic levels due to retention of new customers
Gross margin increased slightly year-on-year in the core B&M UK business, driven by strong performance across General Merchandise and a high sell-through rate on Seasonal ranges leading to limited markdown activity
Group adjusted EBITDA (pre-IFRS16) of £619m (FY21: £626m) with an adjusted EBITDA margin of 13.2% (FY21: 13.0%), both slightly above consensus expectations
o On a two-year basis versus FY20, Group adjusted EBITDA has increased 80.8%
On a post-IFRS16 basis, Group adjusted EBITDA was £828m, representing an adjusted EBITDA margin of 17.7%
Group statutory profit before tax remained flat at £525m with statutory diluted earnings per share 42.1p (FY21: 42.7p)
