Subject to approval by shareholders at the AGM on 25 July 2023, a final ordinary dividend of 9.6p per share is to be paid by B&M European Value Retail on 4 August 2023 to shareholders on the register of the Company at the close of business on 30 June 2023. The ex-dividend date will be 29 June 2023.
Other financial highlights include:
Group revenues of £4,983m were 30.7% ahead of pre-pandemic FY20 levels on a constant currency basis
Group adjusted EBITDA4 (pre-IFRS 16) of £573m normalising from COVID boosted FY22 of £619m; in line with guidance and significantly ahead of pre-pandemic FY20 levels of £342m
Group adjusted EBITDA4 (pre-IFRS 16) margin of 11.5% has stepped up compared to the 9.0% achieved in FY20. Group adjusted EBITDA4 (post-IFRS 16) was £796m (FY22: £828m)
Group cash generated from operations was £866m (FY22: £598m), year-on-year ("YoY") growth of 44.8% reflecting planned stock reductions of £99m YoY and inventory discipline
Group statutory profit before tax of £436m (FY22: £525m) with statutory diluted earnings per share 34.7p (FY22: 42.1p)
B&M UK LFL customer transaction numbers increased every month since June - demonstrating underlying growth and widening of appeal
B&M UK fascia revenue increased by 4.0% YoY, driven by one-year like-for-like3 ("LFL") revenue increase of 0.7% and the increase in space through new store openings. Q4 LFL run rate of 3.2%, exiting the year with momentum
B&M UK fascia adjusted EBITDA4 % (pre-IFRS 16) normalised to 12.4% (FY22: 14.4%), with a full year trading trading gross margin8 % reduction of 148 bps. Trading gross margins significantly improved into the second half versus the first, with a 92 bps reduction versus last year
707 B&M stores in the UK with 21 gross new store openings offset by 15 closures and relocations. Total average selling area increased by 3.6% with relocated stores providing typically 3x greater sales square footage helping drive total sales growth from relocations
Sales in France increased by 22.1% YoY with adjusted EBITDA (pre-IFRS 16) of £41m (FY22: £32m), representing a margin of 9.6% (FY22: 9.2%) further evidences the continued strategic and operational progress as product ranging is evolved
Sales in Heron Foods increased by 18.1% YoY with adjusted EBITDA (pre-IFRS 16) of £30m (FY22: £23m), representing a margin of 6.1% (FY22: 5.5%) which underlines the attraction of their convenience discount offering to customers
In the first 9 weeks of FY24, B&M UK LFL sales have run at 8.3%, France and Heron continue their trading momentum and we expect full year Group adjusted EBITDA4 (pre-IFRS 16) to be higher than FY23
Year-end net debt5 of £724m, with net debt to adjusted EBITDA leverage ratio (pre-IFRS 16) of 1.3x (FY22: 1.3x)
